Larkfleet Homes has started work on a £6.8 million project that will see a disused former allotment site transformed into affordable housing for local people.
The site, located on Monarch Avenue in Fletton, Peterborough, will comprise 59 new affordable two and three-bedroom family homes targeted at those struggling to get onto the housing ladder.
Home Group, one of the UK’s largest providers of affordable housing, will offer 29 of the properties for affordable rent and the remaining 30 for shared ownership.
The disused allotment site on Monarch Avenue was formerly owned by Peterborough City Council which has worked closely in partnership with Home Group and Larkfleet Homes to facilitate the development.
The 59 affordable properties will go a long way to meet the need for affordable housing in the Peterborough area. According to a 2012 report by the National Housing Federation, there are around 7,650 households in Peterborough on housing waiting lists. The average cost of a home in the area is £153,426 and the average salary is £19,932. However the salary needed to buy an average home with a 75 per cent mortgage is £32,877.
Karl Hick, managing director of Larkfleet Homes, commented: “Larkfleet is committed to helping local people get onto the housing ladder. This project is making a real contribution to meeting local housing need by providing high-quality homes on land that was surplus to other requirements. It is a demonstration of how a local authority, a housing association and the private sector can work in partnership to benefit local people.”
Jackie Beazley, Home Group project manager, said: “We’re delighted to be working with Larkfleet Homes and Peterborough City Council to increase affordable housing provision in the area.
“As a not for profit housing provider Home Group places great importance on providing high quality homes for people and creating desirable neighbourhoods.”
The development will include four phases and work is expected to be completed by the end of 2014.
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