Compendium Group

27 July 2009

An innovative tenure scheme at Weston Heights in Stoke-on-Trent is giving first-time buyers a helping hand on the property ladder without them having to compromise on their dream home.
Neil Walker, Regeneration Manager at The Compendium Group, the developer behind Weston Heights, said: "Interest in buying new open market sale homes at Weston Heights has continued despite the recession. However, as potential buyers find that they can no longer get big enough mortgages from lenders to purchase a new home outright, Compendium, Riverside and RENEW North Staffordshire are working together to provide an innovative solution, by offering 'multiple-choice' tenure on some sales plots.
Adrienne Cumming>
Until now, like all new developments, the tenure of each plot has been pre-determined, for outright sale by Compendium or allocated to Riverside for shared ownership or social rent.

Neil added: "At Weston Heights we are piloting the idea of certain plots having flexible or 'multiple-choice' tenure, to enable the home to be sold to an interested buyer at a mortgage level they can afford. This flexible approach could have the double benefit of supporting continued sales on the scheme and helping new buyers get a foot on the property ladder at a level they can comfortably afford.

Adrienne Cumming, 22, bought a 25% share of a two-bedroom bungalow at Weston Heights. The full value of the property is £115,000 but Adrienne pays just £115 a month for her mortgage and £220 a month for her rent including buildings insurance.

Adrienne, who suffers from Congenital Laxity and Fibromyalgia, which means she has mobility problems and chronic fatigue, said: “I have difficulty getting up and down stairs because of my conditions so my only options were a ground floor flat or a bungalow. I wanted a bungalow rather than a flat as I wanted somewhere I could settle long-term but the majority of shared ownership schemes tend to be flats.

“At Weston Heights they really catered to my needs by letting me choose a property that was suitable for me and letting me pick the tenure option.”

Weston Heights is a five-year regeneration programme being carried out by The Compendium Group – a joint venture between Riverside and Lovell. In addition to new homes for rent, shared ownership and outright sale for existing and new residents, the development will also feature new public open space including a play area and sports field, and a new community centre. The programme is in its second phase and the entire scheme is expected to be complete in 2012.

©2008 Compendium Group