Sales arm launched in plan to build 1,000 new homes
North West housing association, First Choice Homes Oldham (FCHO), has launched a new shared ownership and outright sales arm, Fabric Living, as part of its ambitions to invest £150m to build 1,000 new homes by 2024.
The first schemes to get under way through the new arm will see the development of more than 32 new homes for shared ownership across three sites.
As FCHO is a not-for-profit organisation, any profit made on the new homes will be invested back into social housing in Oldham.
The sites include the suburban development, Pavilion Green in Royton, where properties will be on sale from February 15.
Pavilion Green will comprise 10 modern three-bedroom homes available through shared ownership and will be marketed to families, couples and singles looking to make their first step onto the property ladder.
Two more developments are planned in the Bardsley and Sholver areas of Oldham which will bring forward a further 22 homes under the Fabric Living brand.
Demand for homes is vastly outstripping supply in the Oldham area and First Choice Homes Oldham is working in partnership with Oldham council to bring the much-needed developments forward with grant funding from Homes England.
Dave Woods, homes and investment director at First Choice Homes Oldham, said: “Unveiling our first Fabric Living development is a big milestone and a significant step forward in achieving our ambitions of increasing the provision of much-needed new homes in Oldham.
“Fabric Living has come about due to the strong partnerships we are forging with Oldham council, Homes England and local contractors who will all help to make these new homes a reality.
“We are pleased to be able to offer these new homes through shared ownership, enabling more people to get onto the property ladder, and we are determined that Fabric Living will help to improve the area for people now and into the future.”
The first Fabric Living homes will be available to reserve from February 15, and are expected to cost from £55,300 for a 35% share under the shared ownership scheme. Larger shares of up to 75% can also be purchased.