The keys have been handed over to the buyer of the last of six affordable homes in Poundbury’s Vickery Court as developer Zero C said it will now begin a second phase of the popular Discount to Open Market scheme.
Under the initiative, homes are offered at up to a quarter below the open market price with the discount passed on when the house is resold.
New Poundbury resident, 31-year-old software developer Evan Cull said the scheme helped him to buy the two bedroomed flat in Vickery Court for £163,500 at a 25% discount to the open market price tag.
Evan said: “Discount to Open Market is a great scheme. It is a real challenge to save enough for a deposit and there is the well documented affordability gap between house prices and wages in this area, so I am delighted to be able to buy this property.”
He added that the discount guaranteed for future buyers of his home is “definitely a good model and we need more houses of this kind”.
Zero C said it will begin a second phase in early 2019 with three more properties to be built under the Discount to Open Market scheme.
The developer said the scheme fulfils part of its commitment as a Poundbury housebuilder to provide 35% affordable housing.
It also follows the launch of Dorset’s Opening Doors campaign in November last year by West Dorset District Council, North Dorset District Council and Weymouth & Portland Borough Council to work with developers to build 20,000 properties of all types, including affordable, open market, private rented and social housing, by 2033.
Zero C’s Catrina Harfield said: “Discount to Open Market is a brilliant scheme. We have managed to include more properties in this development than first envisaged and look forward to continuing to help the council meet housing need in the area.”
Councillor Tim Yarker for WDDC said: “Discount to Open Market provides homes that are up to a quarter less expensive than the open market, with the discount locked in as and when the properties are sold. This is a big help for local people getting into the home market. “We need a mix of quality homes of all tenures, including Discount to Open Market, which Opening Doors seeks to address.”
To find out about Discount for Open Market Housing with Zero C visit their website here http://www.zeroc.co.uk/home