Posted: 02/02/17 by Futures Housing Group
An ambitious housing provider has pledged to play its role in solving the housing crisis after a new report revealed Daventry is one of the most expensive places in the East Midlands to own or rent a house.
Futures Housing Group, which manages more than 3,000 affordable homes in the Daventry area, has pledged to build more than 1,000 homes throughout the East Midlands by 2020 – increasing the number of new homes it builds from 70 a year to nearly 300.
It will build at least 150 new affordable homes in Daventry and offer a wider range of housing to more home-seekers, from affordable rent and shared ownership to private market rent and homes for sale.
The pledge comes after the National Housing Federation, the voice of housing associations nationally, published its annual Home Truths report which revealed Daventry is now the fourth most expensive place to live in the East Midlands, with house hunters having to fork out nine times their salary to buy a home.
Marcus Keys, Futures Housing Group’s business growth and transformation director, said: “Home Truths paints a harrowing picture of the housing crisis – but Futures is part of the solution.
“As a housing provider, we have been really proactive in trebling our building programme and committing 150 new homes in the Daventry area alone.
“Our homes will cater for all types of home-seeker and we believe we will help provide some of the solutions to the housing crisis by providing opportunities for more people to find somewhere affordable to call home.”
Futures owns a commercial development company, Limehouse Developments, which will focus on providing homes for shared ownership, market rent and outright sale while Futures Housing Group will continue to develop affordable homes.
The provider is currently building 27 new homes in the Daventry area with construction on 34 more due to begin within the next 12 months.
The Home Truths report said the average house price is £270,298 in Daventry while the average salary is £30,030. Someone would need to earn on average £61,782 a year to afford an 80% mortgage.
The cost of renting privately has also added pressure on people’s income with average monthly rents in Daventry now standing at £708 – the third highest in the region. One of the reasons for the high cost of living in the area is its low unemployment rate.
One of the sources of housing misery is that nearly 300 too few new homes have been built in the district over the last five years.
Emma Foody, External Affairs Manager for the National Housing Federation in the East Midlands, said: “As this year’s Home Truths report shows, it is more important than ever for the sector to be able to deliver homes that are truly affordable.
“Housing associations are working hard to develop an “offer for everyone” – whether that’s social housing or ownership options so that no one is priced out of home ownership. They are a vital part of the solution to the housing crisis and are ambitious about delivering even more houses.”
For more information or to view the full Home Truths report, visit housing.org.uk/hometruths or to find out more about Futures Housing Group visit futureshg.co.uk.