First ever £100K Homes now under construction in key milestone for birth of the scheme

Work is underway to build Cambridgeshire and Peterborough’s first ever £100K Homes.

Mayor of the Cambridgeshire and Peterborough Combined Authority, James Palmer, who is spearheading the groundbreaking scheme, visited a new housing development in Fordham today (March 3), where the first eight £100K Homes will be completed before the end of 2020.

Mayor Palmer met with leading housebuilder Hill at the Rayners Green site, a development of 97 homes in a joint venture partnership between Hill Group and Scotsdales Garden Centre, which will include £100K Homes as part of the housing mix. Foundations have already been laid for the first properties, representing a significant step forward in the scheme’s progress.

£100K Homes are new-build, 100%-owned one-bedroom properties which offer a combination of affordable deposit and affordable mortgage payments. They are aimed at giving people who live or work in Cambridgeshire and Peterborough a genuinely affordable step on the housing ladder, while enabling them to live to close to where they work. They are part of Mayor Palmer’s response to the housing crisis which is seeing many people locked out of the property market and forced to pay expensive private rents, or are stuck living at home with parents to save costs.

The £100K Homes website (www.100khomes.co.uk) was launched at the start of February, allowing people to find out more and register their interest in buying homes when they become available.

Only a limited number of homes will be available initially, with demand expected to significantly exceed supply. But the more interest and support from the public, the quicker and at greater scale Mayor Palmer and the Combined Authority can deliver the homes. Members of the public can back £100K Homes by logging on to the website and signing the register of support.

Mayor James Palmer said:
“To see the first £100K Homes coming out of the ground I hope serves as a sign that this initiative is a reality and it is happening. We are seeing the birth of the scheme. This is physical evidence that our model works for developers, especially forward-thinking ones like Hill, which is hugely promising as we try to accelerate their delivery.