Share and share alike

Offering a combination of coast, countryside, picturesque villages and busy towns, coupled with excellent transport links it comes as no surprise that the borough of Eastleigh is a popular place to live. But its popularity is pricing many first-time buyers and young families out of the housing market

Despite the fall in house prices and interest rates there are still many people struggling to buy a home within the borough, which is located in central Southern Hampshire and with predictions that its population of just over 121,000 people will continue increasing over the next 20 years, this is a problem that clearly needs to be addressed.

Eastleigh Borough Council is doing its bit to help support residents onto the property ladder and is a member of the Partnership for Urban South Hampshire (PUSH).

PUSH is a partnership of local authorities in South Hampshire dedicated to sustainable, economic-led growth and improving prosperity and the quality of life for everyone who lives, works and spends their leisure time in the region.

The council also works closely with HomesinHants, the Government’s HomeBuy agent for Hampshire & the Isle of Wight.

Working on behalf of the Homes and Communities Agency and managed by Swaythling Housing Society, part of the Radian Group, HomesinHants aims to provide a one-stop shop and more information about the different affordable home ownership options available. The schemes include HomeBuy Direct, Right to Buy, Newbuild HomeBuy, and mortgage rescue.

There are currently 770 applicants registered and wanting to buy in the Eastleigh Borough area and of these, 75 per cent have an income of more than £20,000.

“Having sufficient savings has been the major difficulty for firsttime buyers since the recession, but in recent months, it appears that applicants are beginning to adjust to the new lending regime, with 55 per cent reporting savings in excess of £3,000,” explains Jessica Pike, head of home ownership. “Demand shows that 70 per cent of households wanting to buy in Eastleigh consist of two persons or less and unsurprisingly, two bedroom accommodation is the most popular request at 55 per cent but 22 per cent of those registered aspire to a three-bedroom home.

“The Government’s Newbuild Homebuy Scheme is helping hundreds of homebuyers around the country achieve their home buying dream and it has been important for the supply of shared ownership affordable homes within Eastleigh to continue in spite of the market downturn.”

Eastleigh has risen to the challenge and achieved approximately 50 shared ownership completions within the last six months. The homes have been delivered on a number of different sites across the borough in partnership with a number of registered social landlords.

Camborne Close in Bishopstoke, Eastleigh, has been developed with First Wessex and comprises 18 two-bedroom apartments, including fully fitted kitchens with white goods, vinyl flooring in the bathroom and kitchen with fitted carpets throughout the living areas. Some of the properties also have balconies accessed from French doors in the lounge.

Gas central heating and uPVC double glazing ensure that energy costs are kept to a minimum and each apartment has a dedicated parking space.

The development was handed over on 10 March 2010 with every single one of the apartments having been sold off plan.

“Most of the purchasers have now completed their sale and moved in to realise their aspirations of home ownership, that without this opportunity of shared ownership, would probably still be a dream,” says Tom Antrobus, technical director for First Wessex.

The South Central development in Lakeside, Eastleigh, has been phased over four years with First Wessex already successfully selling its first 21 properties during 2008 and 2009.

The second phase consists of 19 two and three-bedroom houses and three two-bedroom apartments, which are completing between April and June of this year. All of the houses have been reserved off plan and all three of the apartments are now reserved.

“The high specification and the ideal location have led to the houses, especially the two-bedroom properties, being highly sought after,” says Antrobus. “Most of the purchasers will be moving in just a day or two after the properties are completed.”

Marketing for both of the First Wessex developments was carried out simultaneously from early summer 2009 with brochures, billboards and newspaper advertising. First Wessex held two open days at the Holiday Inn at Eastleigh in October, attracting 260 people which secured most of the reservations. “The events also brought more exposure to the opportunities that shared ownership tenure offers prospective purchasers,” says Antrobus.

Since February 2009, Swaythling Housing Society has sold 17 one-bedroom flats, two two-bedroom flats and 17 two-bedroom houses at Dowds Farm, Hedge End, Southampton.

The prices have ranged from £115,000 for a one-bedroom flat to £170,000 for an end of terrace two-bedroom house.

Key workers have bought 20 of the homes and all purchasers have a local connection, many working in the borough. The average income was £24,527 and the average share purchased was a 43 per cent share. “The demand for this development has been extremely strong with 78 applicants specifically asking for the two-bedroom houses,” says Pike. “A very robust allocation procedure was adopted for processing these applications to ensure that those with the highest priority were selected, for example, preference for houses given to those with three person households or children under 18.”

All of the sales for the latest phase have been off plan and all of the properties are reserved with the first completion having taken place last month.

Thames Valley Housing Association launched its new development, The Pulse, at Chandlers Ford on 10 April, It comprises a selection of 15 apartments which have been developed by Linden Homes and are available for sale under the New Build HomeBuy scheme.

The homes feature fully fitted kitchens with white goods and carpets throughout as well as an allocated parking space.

Each of these schemes has played a pivotal role in helping many people in Eastleigh to buy their own homes. Whether they will still play such a big part in the future remains to be seen as, at the time of going to press the industry is awaiting further details of the new Government’s housing policy.

One thing is for sure though and that is Eastleigh Borough Council’s commitment to providing affordable homes for its residents.