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27 April 2007

At last a truly affordable development in Somerset as Summerfield Homes in co-operation with Taunton Deane Borough Council, are providing an exciting and innovative approach to tackling the affordable housing needs with in the area.

Summerfield Homes are building 36 new 2 and 3 bedroom homes at Chelston on the edge of Wellington, to be sold at discounted prices to local people. The homes will be to a similar specification as any other new home with gas fired central heating, double glazing and a fitted kitchen.

So, how will it work? The homes will be offered to local people for owner occupation who would struggle to afford a home without a little help. The homes will be sold for £75,000 for a 2 bedroom home and £99,000 for a 3 bedroom house (approximately 60% of open market value). This is all that will have to be paid, there will not be any shared equity - so no rent will be payable!!

There has been a lot of interest to date, and work commenced on 2 April, with the first homes available towards the end of the year.

The concept is to provide affordable homes for those that need them. There are conditions that have to be met to show the need, but otherwise it gives purchasers a real chance to get on the housing ladder at affordable prices. Cllr John Williams, Leader of Taunton Deane Borough Council said, "I welcome this innovative scheme that truly provides access housing for the community that otherwise could not afford it. The other major benefit is that in accordance with the terms of agreement with Taunton Deane Borough Council the homes will remain affordable at 60% of market value whenever offered for sale in the future. This means that householders wishing to sell will benefit from any increase in house values that may occur but future buyers continue to benefit from a price that is held at 60% of the then current market value. I truly welcome this scheme and hope for more to come to help meet the huge need that exists."

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