HSPG, the UK’s leading social impact real estate firm, has acquired 21 new homes at Laureate Fields – an exclusive modern development in Old Felixstowe, Suffolk – as part of its drive to deliver 1,000 affordable homes in the UK this financial year.
The news follows reports this month that the number of affordable homes completed in the pandemic year dropped to just 24,245, a shortfall on the adjusted target of 12 per cent.
This is the latest Affordable Housing acquisition to be offered by HSPG to buyers through shared ownership and responds to acute demand for affordable housing in the area as the East of England continues to experience a shortage of properties for sale, with 24 per cent fewer homes available than in 2019.
New research released this month also showed a further plunge in affordability across the UK property market amid stagnated wage growth and soaring house prices following the stamp duty holiday this year. Figures suggest that the standard UK home now costs 8.1 times average earnings, a sharp increase from 5.41 times average earnings in 2011.
Building on HSPG’s plans to invest c.£300 million into affordable housing over the course of 2021/2022, the properties offer stunning scenery and untouched views of the Suffolk coastline, including attractive two- and three- bedroom homes to suit all lifestyles.
Situated just a stone’s throw from local amenities and an Area of Outstanding Natural Beauty, the distinctive properties have all been designed with spacious and contemporary living in mind, effortlessly combining quality craftsmanship with modern specifications.
Guy Horne, CEO of HSPG, said: “We’re delighted to have completed this acquisition in Suffolk, as a further step in our efforts to deliver 1,000 high-quality affordable homes in the UK this year. Through impact-driven investment, HSPG is passionate about addressing the UK’s continued shortage of affordable and supported housing, which has been exacerbated even further by the Covid-19 pandemic.”
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