Ipswich: Work is progessing on Stoke Quay housing development at Waterfront which will offer homes for sale and rent
09:46 30 May 2014
Hundreds of new homes by the Waterfront
The Ipswich Waterfront area is always changing, and it is always busy.
Even in the bad weather this week, the quaysides always seems full of people - just promenading along to enjoy the views, jogging or cycling, or taking photographs of themselves and their friends with the boats as a backdrop.
Now the scale of the new Stoke Quay housing develpment, on the south side of the New Cut of the River Orwell, is starting to become clear.
Stoke Quay, being funded by the Genesis Housing Assocation, will include homes with Waterfront and river views, and is just a few minutes walk from the town centre, railway station and the local restaurants and bars.
Genesis prides itself on providing homes for sale or to rent across London and the South East.
This first phase at Stoke Quay is providing “affordable” homes which are in a prime position.
The first phase at Stoke Quay will provide a range of contemporary one and two bedroom apartments and four bedroom houses that overlook the River Orwell,
These modern homes are available through shared ownership, providing young buyers with an affordable option of getting on to the property ladder.
Buyers can purchase just 25% of the value of the property, making owning their home far more achievable.
Guide prices are expected to start from £29,375 based on 25% of the full market value of £117,500 for one bedroom apartment in the scheme.
So how does it work?
The shared ownership scheme means that buyers can purchase between 25% and 75% of the property, paying subsidised rent on the remainder, and can increase their share at any time, all the way to 100% and outright ownership.
The scheme is specifically designed for first time buyers whose household income is less than £60,000 a year and priority will be given to those who live or work in Ipswich, according to a spokesman.
The Ipswich Stoke Quay scheme will eventually provide nearly 400 homes, including extra care housing, underground car parking and some commercial space.
Genesis Housing is one of the largest housing assocations in the country, providing more than 33,000 homes for around 100,000 people in London and the South of the country.
Schemes include major urban regeneration schemes across London and beyond. One of its flagship schemes is the award-winning Stratford Halo E15 development close to the Olympic Park, where apartments rent from £1,300pcm.