FALMOUTH residents searching for an affordable home of their own may soon see a light at the end of the tunnel thanks to a new development of 16 affordable properties moving ahead in the town.
The homes are being developed by not-for-profit social landlord Coastline Housing and have been given the green light thanks, in no small part, to funding from central Government and the keen efforts of the Mayor of Falmouth, Councillor Mike Varney and Louise Dwelly, Affordable Housing Manager at Carrick District Council, to bring more affordable homes into the town.
The development at Swanvale, a former quarry site near Falmouth's Swanpool Beach, will comprise 19 one- and two-bedroom apartments in total. Of these, 14 apartments will be shared ownership (part-buy, part-rent), 2 will be rented out to local people by Coastline at an affordable level and 3 will be sold on the open market. Profits made from the open-market sales will be fed back into registered charity Coastline Housing to enable it to develop more affordable homes in future.
Bjorn Howard, CEO of Coastline Housing, explains: "Falmouth is a town in desperate need of more affordable housing, and these apartments will make a real difference to local individuals, couples or families in need of a home of their own.
"This development in particular is a special achievement in increasing the amount of affordable homes in the town. Originally, plans for this site featured just 5 affordable properties, but thanks to increased funding from the Housing Corporation and Carrick District Council, we have been able to fund 11 more shared ownership apartments which is fantastic news."
Shared ownership involves buying a share of a property and paying an affordable rent for the rest. The cost of the rent and mortgage added together will be less than a home-owner would pay for a mortgage on the whole of a property.
Shares in the new Falmouth apartments will start from as little as 25%, meaning that local people will be able to 'buy' a property (with a small amount of rent on top) with a mortgage from as little as £35,000. Individuals also have the opportunity to buy further 'shares' in their home in future as incomes allow.
Cllr Varney states: "One of the key priorities of Falmouth Town Council is to maximise affordable housing in the town and, on behalf of the Council, I am delighted that this former Quarry site can be regenerated to achieve this priority and be utilised for homes for our local residents."
Almost all of the apartments will have balconies and the building has been designed to extremely high standards and environmentally friendly architectural values by local firm CSA Architects in partnership with Magily Properties.
Mr Howard added: "This development is a landmark for Coastline as well as for Falmouth as it signals our first development in the Carrick district. We hope it will make a genuine difference to those local people searching for a place to lay their hat and call home."
