Saffron is committed to maintaining all our properties to a high standard, but we are also delighted to be building more affordable homes throughout East Anglia. Some of our recently completed new build homes are in Acle, Long Stratton, Dickleburgh, Lowestoft and Costessey.
These homes form part of our efforts to fight against the lack of affordable housing. This problem has worsened over the past 20 years, and we are dedicated to fighting back against this trend.
In addition to building new properties, we have also purchased homes through the Section 106 process. S106 is the clause in the Town and Country Planning Act 1990 which determines the number of affordable homes built within a new development. Through the S106 process, we receive both affordable rented and Shared Equity properties. You can find these homes throughout East Anglia including Swaffham, Loddon, Hethersett, Little Plumstead, Framlingham and Aylsham.
Saffron have recently started working on a new Shared Ownership programme. We are aiming to build 35 Shared Ownership homes by March 2021. Currently, we are constructing four new build Shared Ownership properties in Geldeston and another three in Wymondham. We are also looking at further potential sites for development across East Anglia. You can find further information on our current Shared Ownership properties that are available here.
Shared Ownership is where you would purchase a percentage of the property. Resident pay an annual rent of 2.75% of the remaining equity, split into monthly instalments. After 12 months the purchaser has the opportunity to staircase and purchase further shares in the property.
With Shared Equity, you purchase a percentage of the property, which is usually higher than Shared Ownership at 75%. There isn’t any rent to pay on the remaining 25%, which Saffron retains ownership of, but after five years you are then able to purchase further shares in the property.