Top 60: Low-cost homeownership development of the year

Merchants Walk (see main picture)

Number of homes in development: 259
Cost: £35.4m

The scheme: Peabody’s target market for the 40 shared ownership properties in the first phase of its Merchants Walk development in Tower Hamlets, east London, was 25 to 35-year-old first-time buyers who were unable to afford a home in the surrounding areas of Hackney, Dalston and Shoreditch.

Prices for the first batch of shared ownership homes began at £140,000 for a 50% share of a studio apartment. This starting price helped to put the properties within possible reach for young people hoping to purchase a residence in a rapidly developing part of the capital.

Located between Canary Wharf and the Olympic Village, Merchants Walk will eventually include more than 550 studio, one, two and three-bed properties.

The first phase of development has 259 homes. Along with the 40 for shared ownership, there are 59 homes for social rent and 160 for private sale.

The second and third phases will provide a further 154 homes, while the fourth phase will consist of an additional 130 properties, as well as commercial and retail units and communal open space.

When complete, the Merchants Walk scheme will include a total of 88 shared ownership and rented apartments, which will be fully managed by the 27,000-home housing association.

School Lane

Number of homes in development: 17
Cost: £2m

The scheme: Located in Guilden Sutton, a rural village three miles east of Chester, School Lane has helped local first-time buyers stay in the area in which they grew up, close to family and friends.

Adactus Housing Group and MCI Developments completed the 17 new properties in 2015 after Guilden Sutton Parish Council identified the need for more affordable homes for young people who were being priced out of
the village.

A review of potential sites within Guilden Sutton found School Lane to be the most suitable and sustainable. It was the closest to the facilities in the centre of the village - the primary school, shops, post office and village hall - and located on the main bus route.

Built on green belt land, the scheme was designed to blend into its surroundings with a large landscaped area planted around the development.

Six of the properties at School Lane are available for shared ownership, with prices starting at £45,000 for a 25% share in a two-bed home. The remaining 11 homes are for affordable rent.

To move into one of the properties at School Lane, all residents needed to have a local connection. Those who purchased their homes were able to buy an initial share of 25-75% of their property.

They can staircase up to buy a larger share, capped at a maximum of 80% to ensure the homes continue to be affordable for future first-time buyers.

Mayfield

Number of homes in development: 7
Cost: £2.8m

The scheme: Available only to first-time buyers living or working in the London Borough of Waltham Forest, the six shared ownership properties in the Mayfield development in Chingford, north-east London, have helped local people onto the housing ladder.

Delivered by 15,000-home housing association East Thames, Mayfield has provided a rare opportunity to buy a new house in an area where most new build developments are dominated by apartments.

Each of the townhouses has a roof terrace, a garden and parking. In 2014/15, the price of a 30% share in a property was £99,000.

The Mayfield development, which also includes one home for affordable rent, proved extremely popular among buyers, with most of the properties reserved during an open day held in February 2015.

Hob Stone

Number of homes in development: 55
Cost: £8.3m

The scheme: Built on a 1.3 hectare brownfield site in the popular suburb of Acomb in York, Hob Stone includes 55 semi-detached houses, with 20 homes for affordable rent, 21 for intermediate rent and 14 for private sale.

The homes were built on the site of a former primary school, which was a target for anti-social behaviour, with an arson attack taking place before demolition began. Yorkshire Housing, which owns and manages 18,000 homes, wanted to deliver affordable homes in a high-value area that has been neglected by developers for 40 years.

In 2014/15, the price of the properties at Hob Stone ranged from £165,000 to £240,000. Available through Help to Buy, the homes could be secured with a 5% deposit.

The development is surrounded by Hob Moor, an unspoilt open moorland with several footpaths and cycleways.

The Vales

Number of homes in development: 11
Cost: £2.1m (estimated)

The scheme: When the original developer of The Vales - a small, 11-home scheme on the outskirts of the village of Otford in Sevenoaks, Kent - went into liquidation in 2015, work on-site ground to a halt.

Housing association Moat Homes, which owns and manages around 20,000 homes, had already been involved on the site as the affordable housing provider. It revived the stalled development, taking full ownership of the scheme and delivering the homes by itself.

The nine homes for low-cost homeownership and two for affordable rent are inhabited by families with a local connection. The average household income of those who have purchased at least 30% of their properties is around £39,000 per year.

To help make the homes as affordable as possible, Moat installed integrated kitchen appliances, high-quality floorings and patios, and provided sheds and landscaped gardens.