The new homes will all be available on an affordable basis, five for affordable rent and the remaining 16 homes for purchase through shared ownership.
Shared ownership provides an affordable way onto the housing ladder. Buyers purchase a share of a property and pay rent on the remaining share. This reduces the size of the initial deposit required and if they want to, purchasers can buy more shares in their property (known as staircasing), eventually leading to outright home ownership.
Amanda Williams, chief investment officer at Aster, said: “Frome is a delightful place to live and naturally against such a popular backdrop, it’s also expensive to rent and buy in the area. These 21 new properties will provide the local Frome community with some much-needed affordable homes. Whether looking to rent or purchase through the shared ownership scheme, the mix of homes, from one-bedroom flats to three-bedroom houses, will cater to a range of people enabling them to live in an area they love, close to family and friends.”
Frome, which is the original Somerset market town, has been highlighted as one of the Times ‘Best Places to Live in Britain’. Described as a welcoming, charming and vibrant place to visit, with a wealth of history, culture and natural beauty. The town boasts many historic buildings and independent shops and is known for its community spirit, arts and entertainment. According to Rightmove, properties in Frome had an overall average price of £343,228  last year.
Nina Richards, Principle Housing Enabling Officer, Mendip District Council, said: “The redevelopment of Cherry Grove has been a long time coming and there have been many challenges to get where we are today. But collaboration between all parties has been the key to progressing this much needed affordable housing scheme, and for revitalising the area.
“Maximising the provision of good quality affordable housing and meeting the needs of our residents is a key commitment for the Council. This scheme offers a real opportunity for local people to rent and to be able to step onto the first rung of an incredibly challenging housing market through shared ownership. As the work begins to take shape, our vision for creating confident and sustainable communities, will be realised.”
Richard Davies, Contracts Manager at E G Carter & Co Ltd, said “We are delighted to start constructing 21 new homes in Frome. These new homes will make a great difference to the local community and we are excited to see the new buildings take shape over the next few months.”
The new affordable homes at Cherry Grove are being built with funding from Homes England, the government’s housing agency’s Affordable Housing Programme.