Website launched to showcase new £100,000 homes in Peterborough and Cambridgeshire

Driven by James Palmer, Mayor of Cambridgeshire and Peterborough, £100K Homes will offer an affordable step onto the housing ladder for those who live or work in the county.

The new website, 100khomes.co.uk, allows the public to register interest for when the one bedroom properties become available to buy which is expected to be later this year.

Mayor Palmer, leader of the Cambridgeshire and Peterborough Combined Authority, said: “This is a groundbreaking scheme which looks to help the huge numbers of working people who are finding home ownership out of reach.

“A 100 per cent owned home for £100,000 offers the ideal combination of achievable deposit and affordable mortgage payments, so we expect demand to be significant.

“These homes can be delivered everywhere, including in East Cambridgeshire and Fenland, as well as our cities of Cambridge and Peterborough. At £100,000 they offer affordable home ownership to a broad base of working people, no matter where they live.

“People in Cambridgeshire and Peterborough can make a huge difference as we make the case locally and nationally for £100K Homes. If we can show a groundswell of local demand and support it will mean we can turbocharge the whole scheme.

“I encourage everyone­­ to visit the website, find out more, and back this truly innovative, locally-driven scheme.”

The website provides key information, updates and FAQs on £100K Homes as well as a two-minute animation explaining the scheme.

£100K Homes is set to be officially launched in Westminster on March 17 as Mayor Palmer seeks to gather interest and support from the Government and other key influencers to accelerate the delivery of the scheme across Cambridgeshire and Peterborough.

The scheme will allow owners to sell at any time.

The vast majority of properties will be freehold except “where the nature of the building requires a share of freehold or leasehold arrangement, e.g in the case of flats or maisonettes,” the website states.

However, the homes are not a form of shared ownership.

The new properties will be made available at a discount to their full market value through a legal agreement which stays with the property. The next purchaser would also be someone who would qualify for a £100,000 home and they would also benefit from the same percentage discount to the open market value of the property.

The mayoral combined authority is working with house builders and developers to bring forward the new homes. They are defined as affordable homes under national planning policy, so would count towards affordable homes requirements that may come with planning permission.

The combined authority has already held a first breakfast seminar with developers explaining to them how they can be a part of the scheme.