AN important event for first-time buyers looking to grasp the rungs of the home ownership ladder will be held in Okehampton this weekend. Affordable housing provider Tor Homes are holding this special event to provide people in and around Okehampton with information about the shared ownership properties that are being built at the town's Broad Park Estate. People will have the chance to visit one of the new properties being built at Wadlands Meadow on the estate between 10am and 2pm on Saturday. Howard Toplis, the chief executive for Tor Homes, said: 'One of the most serious challenges facing people today is how to take that first valuable step on the housing ladder. 'With house prices so high, shared ownership is designed to help people who cannot otherwise purchase a property outright.' Shared ownership is a product where it is possible to buy a share in a property and pay rent on the remaining share that belongs to the housing company. The total cost of rent and mortgage payments are lower than the cost of buying the home outright. The £4.8 million scheme on the Broad Park Estate by Tor Homes and the South Western Housing Society will provide 52 flats and houses for rent and 14 properties for shared ownership. Funding comes from a grant from the Housing Corporation, the Government agency responsible for delivering new affordable homes and regulating 1,500 housing associations across England, together with investment from Tor Homes. At the open day, Tor Homes will have staff on hand to explain how shared ownership works and explain the costs involved. A statement from West Devon Borough Council, who have been working closely with Tor Homes and the South Western Housing Association to provide the 14 homes for shared ownership, said: 'Without these development sites the number the number of affordable homes we could provide are low. 'Prior to June 2007, we averaged 38 new affordable homes per year. Between 2007 and 2011 this will rise to 169 per year. 'There are a significant proportion of people who are able to afford more than social housing rent and who aspire to own their own home but cannot afford to purchase market housing as it is too expensive. 'These are the people to whom shared ownership is aimed. This gives them a foot on the housing ladder and they are able to buy more of the property when they can and may eventually own the it outright.' As it stands, the only way a significant number of affordable homes can be provided in West Devon is through the planning progress. When a developer wishes to build properties in West Devon they are required to provide 35% of these as affordable homes, in accordance with the borough council's local plan. The property to view on Saturday is No 17, Wadlands Meadow — a two-bedroomed coach house which can be found on the left hand side of the entrance to Broad Park Estate. Anyone requiring further information about the open day or shared ownership should call Deborah Sharp, the home ownership co-ordinator for Tor Homes, on 01803 869626.
