We’re passionate about improving the outlook for those trapped in private rented accommodation with no hope of buying, rising rents, and little – if any – long-term security.
We have a new approach
An eQuality Homes project will be developed by eQuality Homes, a not-for-profit organisation set up solely to offer an alternative affordable housing option for those locked off the housing ladder.
The residents of each eQuality Homes community will have the option of managing their development on a day-to-day basis, giving residents have a voice and a vote on key matters relating to it.
69% of people think the uk is in the midst of a housing crisis
37% of renters believe they'll never afford to own a home
The average mortgage deposit required in the UK is £33,000
home ownership is at its lowest level for 30 years
What is an eQuality Homes
eQuality Homes is a not-for-profit organisation focused on removing the barriers to home ownership, the biggest of which are often the size of the mortgage deposit and the level of the monthly mortgage repayments.
We are focused on providing home ownership that is affordable to local people when looking at all of the costs of home ownership, including the rent due on the share retained by the freeholder, as well as maintenance and energy costs.
We are passionate about building thriving sustainable communities of people with shared values.
We are working to develop homes supported by the Government Funded Shared Ownership scheme, however, having looked carefully at the issues traditionally associated with shared ownership we propose to do things differently:
- We will offer 999-year leases as standard meaning you won’t have to worry about renewing your lease in order to sell your home and won’t incur the costs that can be involved.
- We will charge a ground rent of just £1 a year, and guarantee that we won’t increase it in the years to come, unlike other shared ownership schemes that can double this cost every 10 years. See T&C’s for more info.
- We offer residents the opportunity to manage their development, thereby reducing the day-to-day management costs associated with their homes.
eQuality Homes will develop a mix of different house types to meet local needs. The homes will be designed to be modern and energy efficient and we are focused on maximising space within our affordable budget.
The benefits explained
Affordable monthly costs
- Is developing the homes itself, to ensure it can secure the best value for money by avoiding paying profit to a commercial developer, whilst also negotiating and securing the best value for money by developing multiple homes.
- Will pay all structural repair and maintenance costs for the first 10 years and will continue to pay a share of the structural repair and maintenance costs on an on-going basis.
- Will only design and develop highly energy efficient homes to minimise monthly energy bills.
- Will apply for grant funding from Homes England so that it can offer homes that people can afford. Subject to your financial circumstances we can offer a home where we retain a shared stake of up to 90%.
- Will charge a fair rent on the shared ownership stake we retain, to ensure that the monthly costs of ownership remain affordable for your circumstances.
- Will encourage shared owners to self-manage aspects relating to their development to help reduce on-going management costs.
- Will invest all surpluses generated in furthering its affordable housing objectives.
Long-term security of tenure
Unlike other shared ownership housing schemes, we will offer all our residents a 999-year lease, meaning that you can be certain that you will not only have the home for as long as you need, but also that you won’t have to negotiate a lease extension before you can sell your home.
Forming part of a local community
We are passionate about building thriving, sustainable communities with common interests and shared communal green space and other outdoor facilities.
The scheme will be developed to ensure that as far as possible rents are kept to a minimum and are only increased if the Board of Directors decides that there is a requirement to increase the rental levels to meet the operational requirements of eQuality Homes. They will not be increased to improve the investment returns for a third-party landlord because of inflation, or because properties in the area have increased in value.
Ability to decorate and personalise your home
eQuality Homes are built with the intention that your house will be your home for the long-term, with the ability to decorate and personalise it.
However, as we will retain a stake in your home, we will ask that any decoration or personalisation complies with the local rules. We will work with the residents of our developments to develop simple, fair, and transparent rules about how this will work.