Housebuilder Larkfleet of Bourne has agreed a new deal with a property company to provide affordable shared ownership homes across the country.
Larkfleet has signed a five year contract with Heylo Housing, which is backed by local authority pension fund investment.
A spokesman for Larkfleet said the firm had agreed the deal to help meet its obligations to provide affordable housing on sites where it is developing new homes for sale.
Initially, the agreement covers Larkfleet’s key operational areas of Lincolnshire, Cambridgeshire and Rutland.
But both firms say there is potential to expand the contract to link with Larkfleet’s recently announced plans to expand across the south west, Norfolk and Suffolk.
Since launching in September 2014, Heylo has been contracted to deliver over 1,500 shared ownership affordable houses across the UK.
So far it has acquired more than 500 properties in 25 local authority areas, has approvals from over 40 local authorities and is in discussions to meet the remainder.
The contract with Larkfleet is one of a number of agreements Heylo has entered into since its launch.
It aims to sign a series of contracts with national and regional house builders to help them meet legal agreements under which companies must provide affordable housing as well as homes for sale.
Heylo has called this initiative ‘Home Reach’.
It is a nationwide shared ownership model that delivers up to 90 per cent of the open market value (OMV) to the developer at the point of sale on either Section 106 or open market properties.