Four of the planned units were far too large to deliver a genuine affordable property and Landspeed viewed this as an opportunity to create a unique product by virtue of subdividing the large 2 bed apartments into fully fitted studio units. Working in conjunction with both Shepway District Council and Pentland Homes, Landspeed secured planning consent for the variation and, by doing so, Landspeed succeeded in increasing the number of affordable units provided by 33%.
Introducing studio accommodation opened up accessibility to affordable home ownership for household types and specific income brackets otherwise totally un-catered for whilst, in addition, Landspeed enhanced the value of the affordable housing for Pentland Homes.
Following a successful and innovative marketing campaign (involving advertising on local buses) Landspeed achieved the sale of all 16 units across a diverse spectrum and, by virtue of the introduction of studio accommodation (priced from £75,000* for the 75% share), to households ranging from an 18 year old (to date the youngest unassisted first time buyer in the UK) up to a 64 year old retiree.
This demonstrates that Landspeed opens up opportunities for diverse household types to attain home ownership status which ordinarily goes unaddressed by virtue of what Registered Providers are prepared to accept and/or commit to.
*The monthly mortgage cost for the studio equated to £260 based upon prevailing rates from both Nationwide and Halifax.
