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Press Release

23 March 2023

New Shared Ownership Scheme to welcome new residents

Fareham Housing is delighted to announce that construction of its shared ownership development at Capella Close, Hill Head, is now complete.

The Mayor of Fareham, Councillor Mike Ford, was joined by the Council Leader and Executive Member for Housing, Councillors Sean Woodward and Connie Hockley, Council officers and the development team from FE Chase & Sons today to officially open the site.

Set in the highly sought-after area of Hill Head, Capella Close includes two one-bedroom houses, seven two-bedroom houses and two three-bedroom houses. Capella Close is the first shared ownerships scheme offered by Fareham Housing for many years, and all 11 new homes are now reserved. Fareham Housing will now make some finishing touches to the site and hope to welcome its new residents very soon.

Cllr Connie Hockley, Executive Member for Housing at Fareham Borough Council said: “I am extremely happy to see Fareham Housing open this fabulous new shared ownership scheme at Capella Close. This new development provides much-needed affordable homes in the Borough and offers residents the opportunity to step onto the housing ladder in a quality, affordable home. All the houses have already been reserved which is a testament to the quality of the properties and the need for schemes such as this in the area. I welcome the new residents and wish them every happiness in their new homes.”

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

For more information about Shared Ownership and to express your interest in future Shared Ownership homes in the Borough, please visit:

www.fareham.gov.uk/housing/affordablehomeownership.aspx

ENDS

Notes to Editor:

Shared Ownership is a government-backed Part Buy/Part Rent scheme designed to provide a more affordable route to home ownership. It 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 of their home’s full market value and enter into a lease agreement with Fareham Housing to 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.