Top 10 UK homebuilder, Keepmoat, along with Homes England and South Cambridgeshire District Council have launched the first set of Northstowe Discount Market Sale (DMS) Homes at the Stirling Fields development in Cambridgeshire’s emerging new town.
On average, a home for sale in Cambridgeshire is currently priced at £456,000*, but the Northstowe DMS Homes available at Keepmoat’s Stirling Fields development will make buying a home more affordable for first-time buyers. Through the scheme, selected homes at Stirling Fields will be offered at a maximum of 80 percent of market value, currently capped at a maximum price of £305,000.
To qualify for the scheme, at least one of the purchasers must be a first-time buyer; have a total household income of no more than £100,000 and the home must be their only or main residence.
A total of 300 homes and 32 house types, including homes for purchase and affordable rent, will be available upon completion of construction in October 2027 at Stirling Fields, which is built on the former RAF Oakington. This parcel of land is the first in the wider Northstowe development to contain Northstowe DMS Homes.
In total, 60 percent of the 300 homes due to be built at Stirling Fields will be available through the Affordable Rented Homes (20 percent) and Northstowe DMS (40 percent) schemes. South Cambridgeshire District Council is taking on directly the affordable rented homes provision.
The homes built by Keepmoat will feature a range of sustainability features including PV panels, increased fabric insulation efficiency, and improved ventilation, delivering a minimum carbon reduction of 31 percent.
Adam Knight, Regional Managing Director at Keepmoat, South Midlands, said: “In light of the recent news that the UK has entered a recession and Cambridge being the second most expensive place to live in the country, with an average house price of approximately £450,000, it has become more crucial than ever to ensure that affordable housing is available in the area. This is precisely what Stirling Fields aims to provide, with house prices starting from just £240,000.
“Working alongside Homes England and South Cambridgeshire District Council, we’re delighted to welcome people from the local community and beyond to the largest new town since Milton Keynes, to see the new homes and find out more about the range of tenures and amenities that are available at Stirling Fields.”
Homes England is responsible for delivering phases two and three at Northstowe as master developer and is funding the Northstowe DMS Homes scheme. Within phase two, 40 percent of homes will be offered through the Northstowe DMS system. Graham Hyslop, Regional Development Director at Homes England, added: “Stirling Fields will be a high quality, sustainable new neighbourhood offering a variety of new homes, as well as a new commercial unit and play area.
“It’s great to see Northstowe DMS Homes at this development. The discount incentive will enable more people to consider getting on the property ladder in Northstowe, joining an already thriving community.
“Now is an exciting time in Northstowe’s journey, as a series of major milestones have recently been reached. Those choosing to locate to Northstowe will be able to enjoy benefits from the recently opened waterparks to the new access road, footways, and cycleways which link Northstowe to Bar Hill, Cambridge, and beyond.”
Cllr John Batchelor, Lead Cabinet Member for Housing at South Cambridgeshire District Council, added: “We are hugely excited about the new affordable homes coming forwards at this site. With 60 percent affordable properties in total, they will help provide homes that are genuinely affordable to live in for many local families.
“We’re looking forwards to finalising the arrangements with Keepmoat, including the purchase of a commercial unit which will provide almost 200 metres of business space below some of the affordable homes. We are thrilled to have worked in partnership with Keepmoat Homes and Homes England to deliver a unique product in the form of Northstowe discount market homes.
“These properties will not only provide a helping hand into home ownership, but will also help the Council to re-invest a proportion of the sales receipts into more affordable homes in the future.”
For more information on the Stirling Fields development, please visit: www.northstowe.com/northstowe-dms-homes