Shared ownership may be the key for buyers seeking a new home in Ross-on-Wye, as the Edenstone Group partners with Heylo to offer select properties at St Mary’s Garden Village through the HomeReach shared ownership scheme.
This initiative provides an alternative for those who may be struggling to afford a home in the current market, opening up opportunities for a wider range of potential homeowners.
Adele McCoy, Sales Director of the Edenstone Group, explained that the rising cost of living might prompt potential buyers to reconsider how they can own a home. She encourages buyers to explore all available options, as purchasing a new build in Ross-on-Wye might be more affordable than they initially thought. This partnership between the Edenstone Group and Heylo aims to increase awareness about the HomeReach scheme and demonstrate its viability for potential homeowners.
The scheme is not limited to first-time buyers. Those unable to meet the full cost of a property on the open market can purchase up to 80 per cent of it through HomeReach, alongside a 125-year lease on the remaining share. This allows purchasers to live in the property as if they had bought it outright. For those taking out a mortgage for their share, the larger the deposit, the lower the mortgage repayments are likely to be. This flexible scheme makes homeownership more accessible to a more people, including those who might have thought it was out of reach.
Buyers will pay a monthly rent of 2.75 per cent of the unsold value via direct debit. They can purchase additional shares in the future until they own the entire property and no longer need to pay rent. This gradual approach to homeownership allows for greater financial flexibility and can help buyers adjust to the responsibilities and costs associated with owning a home.
Among the homes available for shared ownership is the two-bedroom Ashmore. A 50 per cent share of this style of home can be purchased for £123,750. The ground floor of the Ashmore is designed to maximise space with an open-plan kitchen and living room, as well as a convenient cloakroom. Both bedrooms on the first floor are generously sized, with a bathroom between them. This well-designed layout ensures that residents can enjoy comfortable living in a modern, well-equipped home.
Once complete, St Mary’s Garden Village will feature 348 homes, including two, three, and four-bedroom family properties and bungalows. The vibrant new neighbourhood will offer a variety of community facilities such as a play area, wetlands, allotments, and a formal garden. These amenities aim to foster a sense of community and improve residents’ overall quality of life.
A community hub with bike hire and a gym will also be opening soon, providing additional recreational opportunities for residents. This hub will serve as a central gathering place for the community, encouraging social interaction and engagement among neighbours. Edenstone aims to deliver 6,000 zero carbon homes by 2030.