Dozens of affordable homes nearing completion at a huge development north of Reading which used to serve as a golf course.
A total of 223 homes are being built at the former Reading Golf Course site in Caversham, a development which proved controversial when it was approved back in 2022.
Work is nearing completion on 83 affordable homes being built by the Abri housing company.
These homes have been made affordable through shared ownership, which involves buying a share of the home built by the company.
The purpose of shared ownership is to help people to get onto the property ladder by making it easier for those unable to pay large deposits to get hold of a home.
CGIs provided by Abri show semi-detached houses and a terrace of homes as well. The housing company has not provided on-site photos yet.
Each home comes with a range of benefits including private gardens, parking and electric vehicle charging points to all homes.
The company has argued the shared ownership concept is all the more beneficial as rents in Reading have gone up by 12.9 per cent in the last year, according to data from the Office of National Statistics.
Stuart Hensby, Sales and Marketing Director at Abri said: “First time buyers continue to face significant challenges as they pursue the goal of owning their own home.
“Increasing rents are only exacerbating the issue by making it near impossible for renters to save a five figure deposit from scratch.
“Our new Shared Ownership homes will help to reduce these upfront costs with just a five per cent deposit required, increasing the volume of affordable homes in Reading and enabling families priced out of the private market to get their foot on the ladder.”
Shared Ownership is tailored to first home buyers annual household income must be less than £80,000.
However, it means that a purchaser will never own the property outright, Purchases must pay a mortgage, rent to Abri and a service charge, which can include groundskeeping and maintenance.
The company is encouraging those exploring Shared Ownership opportunities in Caversham to visit its website to register interest and view prices.
Earlier this year, Abri and other housing providers were given permission to advertise within the Reading Golf Course site.
The development has been called ‘Emmer Green Drive’ by the consortium of companies that are building homes there, which includes Abri and Bovis Homes.
Reading Golf Club which previously occupied the site moved to The Caversham golf course located off Upper Woodcote Road.
