Vectis Housing has been in the legal process of purchasing the land from IWC since November and estimate this will take a further 6 weeks to complete. Once they have got the legal ownership they will tender for a local builder and it is envisaged that the build out would take 14 months. Therefore they think the site would be ready December 2016 or early 2017.
The mix of housing is as follows:-
4 no. 2 and 3-bed houses to be sold at 80 per cent of market value;
9 no. 2 and 3-bed houses for rent at a social rent (around 60 per cent of a market rent).
The 4 to be sold will have a covenant which says if it were to be sold on it would be at 80% of the market value therefore they will remain affordable homes in perpetuity. Plots 6 and 7 are the 3 bedroom homes to be sold. They will know the market values in 3-4 months when they have a valuation conducted. The 4 homes for sale would be released earlier than the rentals as people will need time to get mortgage offers etc. Vectis Housing will be the landlords of the rental homes. Nobody with anti-social behaviour history or rent arrears or previous property damage would be eligible. Under occupancy will not be allowed therefore the properties are not suitable for single people.
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