It is one of the most exclusive places to live in Wales – but home buyers with a more modest budget now have the chance to buy a property there. While the leafy Swansea suburb remains one of the most covetable in the city and Wales, property developer Waterstone Homes is bringing some affordable housing to the street.
Their latest development includes five low-cost homes – three three-bedroom, semi-detached homes and two one-bedroom apartments – aimed at helping people take their first steps on the housing ladder. The properties are being sold by Pobl Living – formerly Gwalia Housing Association – in partnership with Swansea Council, as part of a low-cost ownership scheme.
With a full market value of between £145,000 and £250,000, the properties will sell for 70 per cent of their open market cost, retailing between £101,500 to £178,000, with the other 30 per cent funded by an equity loan on which the resident pays no rent or repayments.
If they sell the home, they get 70 per cent of the sale value, with the remainder going to pay off the loan.
Pam Fitzjohn, interim head of Pobl Living, said: “We’re committed to providing more high quality affordable homes for people in Wales and work closely with a range of partner organisations, including local government, homebuilders and contractors, to utilise their expertise and ensure we deliver the very best accommodation possible.
“We want people to feel great about where they live, wherever they are, and so the aim of our Low-Cost Home Ownership scheme is to help those who may not otherwise be able to purchase a property on the open market to secure a beautiful home.
“Working with Waterstone Homes was therefore the natural choice for us, thanks to their excellent reputation and the superior quality of their homes.” Andrea Gardner, sales director at Waterstone Homes, added: “We believe that there should be no barriers to finding your ideal property, which is why we are thrilled to be working with Pobl Group on this project.
“We have put as much thought and work into the affordable homes as our luxury properties, as it’s important to us that everybody has the ability to own and live in a beautiful home.
“From their design and appearance, to the quality and standard of their finish, the properties at Derwen Fawr have been built to an extremely high specification and also benefit from the same close location to the beach and town centre as the executive homes on the development.
“For anyone looking to get onto the property ladder, they offer a fantastic opportunity.”
To qualify for the low-cost ownership scheme, prospective buyers must be over the age of 18, looking to reside in Swansea as their principal home, and must demonstrate that their financial circumstances do not enable them to buy or rent a similar property on the open market.
Despite being bought at a lower cost than those on the open market, the purchaser will still have the full rights and responsibilities over the property that they buy.
As the properties have been designed to help individuals needing to live or reside in the area for family or work commitments, those from the Swansea housing list will receive priority.