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Press Release

Capella Close

28 February 2022

Fareham Housing launch shared ownership scheme at new development

Fareham Housing is pleased to announce that works are due to commence on its first new Shared Ownership development, Capella Close in Hill Head.

Fareham Housing secured full planning consent to build 11 affordable homes at the Stubbington Lane location, which will be divided into two one-bedroom houses, seven two-bedroom houses and two three-bedroom houses. All these homes will be made available as part of Fareham Housing’s first new Shared Ownership Scheme.

Shared ownership provides the opportunity for households with an income of less than £80,000, or without a full deposit or full mortgage amount, to move into a home which meets their needs. Residents pay for a percentage share between 25% and 75% of the home’s full market value depending on what they can afford. They would then enter into a lease agreement with Fareham Housing and pay rent on the remaining share.

It is also possible for residents to buy more shares in their home as time goes on. This is known as ‘staircasing’ and increases the percentage of the property owned and reduces the rent payable. Owners can choose to staircase up until they own their home outright.

Full details and eligibility criteria can be found via the Help to Buy South website: https://www.helptobuyagent3.org.uk/

Anyone interested in affordable routes to home ownership in Fareham, can find further information on the Council’s Affordable Home Ownership webpage: https://www.fareham.gov.uk/housing/affordablehomeownership.aspx

Executive Member for Housing at Fareham Borough Council, Cllr Fred Birkett, said: “I am really proud that Fareham Housing is able to provide its first new shared ownership scheme at Capella Close, providing additional affordable homes in the Borough. Construction should be completed in spring 2023 and, once completed, will offer the opportunity for people to step onto the housing ladder in a quality, affordable home.”

For more information about Capella Close please visit: www.fareham.gov.uk/housing/capellaclose.aspx

ENDS