Because of the rapid escalation in house prices during the last few years, many young people are unable to afford to rent or buy a home in the area where they grew up. Cornwall has a particularly acute problem with affordability due to its popularity as a location for retirement or second home ownership.

There is no easy solution to the problem, although most district councils in Cornwall have stated that increasing the supply of affordable housing in their area is a high priority.

Rosemullion Homes has already built 5 affordable homes for The Guinness Trust at Belvedere, Truro and 4 new homes for Devon & Cornwall Housing Association at St Just-in-Roseland. Further affordable homes will be incorporated on developments at Trinity Watch, St Ives and St Michael’s Reach, Marazion and the company is shortly due to start work on a development at St Breward near Bodmin Moor where it will be building a mixture of open market and affordable homes in partnership with North Cornwall District Council and Devon & Cornwall Housing Association.

The term ‘affordable’ covers a wide range of tenures with the common features being that the rent or mortgage outgoings of the house must fall within the average income range of individuals or couples working locally.

In addition to rented housing, there are shared ownership schemes operated by Housing Associations and other affordable housing providers. These typically offer to sell
40 – 50 % of the value of a new home to qualifying purchasers, with the ability to ‘staircase’ up to majority or even full ownership as household income increases.

To guard against exploitation of such schemes, the provision of affordable housing on any site is normally governed by a legal agreement between the developer, district council and affordable housing provider, ensuring that the occupier/buyer is of genuinely local origin and that each property covered by the agreement will remain affordable in perpetuity.

For further details of our affordable housing policy, please read the follwing press release:

Rural Affordable Housing – Rosemullion Homes joins the debate

A Cornish housebuilder has submitted its thoughts on increasing the delivery of affordable housing in rural areas to Truro and St Austell MP, Matthew Taylor.

 

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