finance

Financing the development

The scheme will include affordable housing both shared ownership and rented managed by a Housing Association. We are on the Cotswold District Council Self Build Register. The total cost of the develpment is expected to be about £8.5 million.

Mixed tenure of properties:

  • sold at market rates
  • affordable
  • rented
Peter:   ‘A basic principle of cohousing is to aim for a low carbon footprint, with households sharing resources as far as possible’

 

The majority of properties will be sold at market rates. A proportion of the rental properties will be available as social housing. Irrespective of tenure, all residents will be active participants in the cohousing community.

 

Of the 32 planned units, we anticipate two-thirds will be owner-occupied or privately rented, with the balance being in shared ownership or affordable rented. We expect that the private rentals will be owned by private landlords, sympathetic to cohousing, some of whom could be owner-occupiers within the scheme.

We estimate the range of sale prices to be  £175,000 to £375,000 (2016 figures) depending on property size. Annual charges to cover upkeep of the common property have yet to be determined.

Sources of funding

Initially we will  apply for funding from the Homes England Community Housing Fund:

  • to help finance our bid for a site on land south of Chesterton
  • to pay for the services of a project manager
  • to obtain legal advice to set up a formal structure

Relationship with a housing association

Cirencester Housing Limited has expressed interest in being a potential Development Partner.