New fund targets affordable housing sector
Macclesfield-based Housing Ladder Consultants has been appointed as property investment adviser to 1Step, a newly formed residential fund registered in the Isle of Man.
The fund was set up by Select Investment Portfolios Fund PCC to provide funding for the provision of affordable housing in the UK. Select aims to secure in excess of £20m and offer opportunities to invest in a market it sees as "fuelled by a massive demand for quality affordable housing".
Nigel Stevens, managing director of Housing Ladder Consultants, said: "We are delighted by this appointment which acknowledges the expertise of the Housing Ladder management team in the intermediate housing sector – presently a £2.8bn opportunity. Working as property investment adviser to 1STep we are confident we will be able to help many individuals get on the housing ladder by providing access to homes through shared ownership, intermediate affordable rents (80% of open market per Coalition guidelines), rent to buy and outright sales at affordable prices."
Housing Ladder has a number of sites, including one in its home town of Macclesfield, as well as Crewe, Leatherhead in Surrey and several in the Greater Manchester area, which have been identified for immediate development.
Housing Ladder has also identified a number of larger brownfield sites, which are available for development to ensure Government housing targets are met.