Member Article

£20m regeneration scheme of Birmingham gateway celebrates milestone

A £20 million project to bring affordable new homes to Birmingham has celebrated a major milestone by launching its first show homes for purchasers looking to buy into the regeneration of Newtown.

The transformation of Newtown will see 260 new homes delivered as part of a partnership scheme between Birmingham City Council’s house building arm, the Birmingham Municipal Housing Trust (BMHT) and regeneration specialist, Keepmoat.

Homes at the development called ‘Horizon’ have already proven extremely popular, with over 60 properties on the first two phases being snapped up within weeks of them being released for private sale.

The new high quality homes are taking the place of old, draughty, post war housing on the council owned site, many of which were demolished prior to work commencing.

The attractive new homes are part of the city council’s wider regeneration plans for the area, which have so far included a £35 million project to improve local schools, the upgrade of two nearby tower blocks and the creation of a new £5 million youth facility called The Lighthouse.

Councillor Tahir Ali, Cabinet Member for Development, Jobs and Skills, at Birmingham City Council was among the dignitaries from Birmingham City Council who came to take a look at the scheme.

He said: “The regeneration of Newtown is a key priority for the council and the provision of high quality new housing is absolutely crucial to this. This housing development is also providing employment and training opportunities for local people.

“The council is committed to reducing the housing gap in Birmingham by providing affordable homes for people to buy, which will have a huge impact on the economic and social welfare of local people and the city as a whole.”

Paul Degg, Regional Managing Director, Keepmoat Homes Midlands, said: “There has been a lack of quality homes in the area for a number of years now; building high quality new homes is giving Newtown a bright future and turning it into an exciting area once again. We are proud to be part of it.”

“The launch of the new show homes is a major milestone for Newtown as for the first time it will allow house buyers to see inside the transformation that is happening in the heart of their community.”

“Not only has the development led to the construction of new homes, it has also created new jobs, 11 of which are apprenticeships.”

The two new show homes are both stunning four bedroom, three storey properties; The ‘Ellis’ house type is available from £145,000 or £116,000 through the Government’s Help to Buy scheme, while the ‘Clifford’ house type is priced from £150,000 or just £120,000 with Help to Buy.

The Government’s Help to Buy scheme offers buyers who have saved a 5% deposit the chance to take advantage of a five-year interest-free loan covering 20% of the value of the property. The remaining 75% of the property’s value will be funded through a mortgage, which Keepmoat can help buyers to arrange. The 20% Help to Buy loan only needs to be repaid when you sell your home or at the end of your mortgage period.

This was posted in Bdaily's Members' News section by Chris Walker .