Housebuilder Vistry Group is delivering 430 new homes in Margate, Kent.
Some 140 of these will be under its Linden Homes brand at Westwood Point, with 290 coming under its Bovis Homes brand at Artemis View.
Some 124 have been designated as affordable housing available for local people through low-cost rent or shared ownership.
Mary McHutchison, regional sales director for Vistry Kent, said: “Shared ownership is creating new opportunities for people to take that difficult first or next step on the property ladder much more easily.
“Customers pay rent on the portion of the home they don’t own, but they can live in the property as if they own it in full. To be eligible, they need to have a household income of less than £80,000, be able to put down a deposit of at least 5% of the value of the share they are buying and meet affordability checks.
“By choosing this route into homeownership, they can enjoy the benefits of living in a new energy-efficient property, with the peace of mind that everything is brand new and there are no hidden DIY or repair costs to face once they’ve moved in.
“We’re proud that our partnership with Sage Homes at Westwood Point and Artemis View has already delivered significant benefits for first-time buyers and those looking to move home in the Margate area and is continuing to provide a solution for those who might otherwise not be able to buy a home which suits their needs.”
There’s currently a choice of three-bedroom houses available, with prices for a 45% share starting from £162,000 for a three-bedroom home.
Meanwhile at Westwood Point, a 45% share in a choice of three-bedroom Sage Homes properties starts from £146,250.
The developments are part of a new neighbourhood which is planned to deliver more than 900 homes in Margate, with a pub, food store and care home already completed.
