The project is part of a £44 million deal with ReSI LP’s for-profit Registered Provider, ReSI Homes Limited, delivering a selection of 2-4 bedroom, affordable homes in Essex, set within generously proportioned and attractively landscaped open space.
This new development, accessed off Victoria Road in Stanford-le-Hope, is being delivered as part of ilke Homes’ ‘turnkey’ package deal – whereby customers can purchase complete developments sourced and delivered by the company. This involves ilke Homes securing land, gaining planning permission, manufacturing the homes and developing the sites.
All the homes being delivered will be made available for shared ownership. This is important, as revised price caps for the Government’s Help to Buy equity scheme, which came into force in April 2021, mean first-time buyers in Essex can only access the loan if their new-build homes cost less than £437,600. The threshold was previously set at £600,000, meaning many families may be locked out of owning a home big enough for their needs.
Alistair Wardell, investment director at Gresham House, said:
“The deal with ilke Homes provides an innovative and much-needed solution to the historic undersupply of shared ownership housing in the South East of England. ReSI LP is committed to helping alleviate the affordable housing shortage in the UK and delivering sustainable and innovative solutions to this problem. This project will deliver real-world benefits to residents in Stanford-le-Hope early next year and we look forward to working with ilke Homes throughout the process to maximise the potential of the development.”
Dave Sheridan, executive chairman of ilke Homes, said:
“Factory-built housing is a unique proposition for investors in that it can future-proof investments against government policy, help meet strict ESG criteria thanks to its green credentials, and allow for revenue streams to be accessed as quick as possible due to a significant reduction in construction programmes.”