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Development
Hightown Praetorian and Churches is on track to build 581 much needed affordable homes for people in Hertfordshire and Buckinghamshire during 2012. This is more new homes than Hightown has ever delivered in one year.
Hightown works within Hertfordshire, Buckinghamshire and Bedfordshire to provide a wide range of high quality, affordable homes to reflect the housing need of the area. There is a significant shortage of affordable housing in the South East and increasing supply is one of our main aims. Hightown has ‘Programme Partner’ status with the HCA although it will operate without a framework delivery agreement for the foreseeable future.
Homes for social rent
Over 300 of the new Hightown homes will be let at a social rent to people through the local councils’ Choice Based Lettings schemes. Others will be rented at intermediate rents (around 80% of the market rent) or are earmarked for people with support needs.
Approximately one third of the new homes will be available for shared ownership. Shared ownership is an easy and affordable way for first time buyers to buy their own home by purchasing a share in a property (normally around 50%) and paying subsidised rent on the remaining share. Shared owners can buy further shares when they can afford to, until they eventually own the property outright.
Nearly 200 of the new homes will be in the Dacorum Borough Council area (Hemel Hempstead, Berkhamsted and Tring) in Hertfordshire, where over 5,800 households are on the waiting list. Almost 150 of the homes will be in Watford, with a further 100 homes in Borehamwood.
David Bogle, Chief Executive of Hightown, said: “I am delighted that Hightown is making such a sizeable contribution to meeting housing needs in Hertfordshire and Buckinghamshire during these difficult economic times.”
In addition to the 581 homes to be built during 2012, Hightown has a further 500 affordable homes planned in its development pipeline.
We aim to develop schemes inclusively, so that they meet the needs of a wide range of household sizes and types and do not inadvertently exclude any group, including those with a disability or of minority status. Hightown also supports the development of new homes where this encourages balanced and sustainable communities.
To build new homes, Hightown takes out loans from banks and building societies and bonds funded by private investors. Where available we supplement these loans with capital grants and/or free or discounted land from local authorities. The loans are repaid from rental income which also has to support management and maintenance expenditure and the cost of lost rent due to voids and bad debts.
If you would like to find out more about some of our recent developments click on the links below:
