THE final homes in the first phase of a shared ownership development in Brierley Hill have been handed over to the newest residents.

A collaboration between Platform Home Ownership and Lovell Partnerships, the new development off Leys Road in the Brockmoor area has been built to help to meet the increasing demand for affordable housing in the area.

All of the homes have been secured through shared ownership or rent to buy initiatives.

Shared ownership allows home seekers to buy a share of their home and pay rent on the remaining amount, typically buying between 10 per cent and 75 per cent of the property’s full market value – and lowering the amount needed for a deposit.

Through shared ownership schemes, homebuyers can gradually increase the amount of their home that they own.

The new Cookley Works development comprises an array of two, three and four-bedroom homes with contemporary fittings, areas for remote working and high energy efficiency.

Simon Wingate, regional partnerships director at Lovell Partnerships, said: “Cookley Works is a strong example of what can be achieved through strategic partnerships.

“We are committed to delivering high-quality, affordable housing in areas people want to live, and the successful sale of the shared-ownership homes on the development is proof that this is an effective approach to solving the housing crisis.”

He added: “We’re looking forward to seeing this fantastic community develop and everyone settle into their new homes.”

Ryan Harris, area sales manager for Platform Home Ownership, added: “We’re delighted to be contributing towards the need for affordable housing here.

“Cookley Works is in a great location, and can become a popular hotspot for commuters and families to build their dream living space.

More information on the next phase of homes at Cookley Works is due to be announced later this year.