17 Jun 2019
United Welsh provide almost 1000 homes for affordable rent across Blaenau Gwent and this is the first time that the Association will offer new homes for sale in partnership with the Local Authority. The two-bedroom homes at the Bedwellty Gardens development in Tredegar will be sold to first-time buyers on a shared equity basis.
With a shared equity scheme first-time buyers can purchase a new home for less than the market value, which helps to reduce both mortgage and deposit costs. The buyer eventually owns their new home outright as the value of their home increases, which in turn increases the value of their share.
United Welsh Deputy Director of Development, Lynn Morgan, said:
“We are delighted to work with Blaenau Gwent Council to bring more high-quality homes to Tredegar. Buying a home on a shared-equity basis makes it more affordable for people who may be struggling to get on the property ladder. The scheme allows those participating to eventually gain total ownership of their home without paying any rent or interest on the portion they don’t own in the meantime”.
Councillor Dai Davies, Executive Member for Regeneration, Blaenau Gwent Council commented:
“The delivery of high quality affordable housing is a key priority for the council. Working in partnership with United Welsh has allowed homes to be built and bought on a shared-equity agreement, thereby allowing people to purchase their first home. In addition this presents the potential for wider investment in the local economy, such as training and job opportunities”.
Bedwellty Gardens is located in a semi-rural position at the southern-end of Tredegar and is being developed by Davies Homes.
The affordable homes for sale will be marketed through United Welsh’s harmoni homes brand and can be viewed at www.harmonihomes.com