Housing association First Choice Homes Oldham has launched a shared ownership and outright sales arm, Fabric Living, as part of its plan to invest £150m in building 1,000 homes by 2024.
The first schemes to get underway through the new arm will see the development of 32 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 15 February, comprising 10 three-bedroom homes. Two more developments are planned in Bardsley and Sholver under the Fabric Living brand.
FCHO said that demand is outstripping supply in the town and that it is working with the council to bring developments forward with grant support 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 for First Choice Homes Oldham 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 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. Hollins Gardner is acting as sales agent.