News & Events

26/04/04Last home sold at Fern Way Titchfield
Merlion Homes has already sold all six bedroom homes which were made available to key workers at Fern Way, Tichfield.

Inevitably the properties, which were priced at approximately 45% market value, were popular from the outset.

Those buying the properties did so through the Merlion Assisted Purchase Scheme. Those who qualify for MAPS are be able to buy a brand new home at a level significantly lower than its market value. Purchasers acquire the freehold title in the property but normally only pay 75% or 80% of its full open market value. Rent is not payable on the non-purchased part.

The Merlion Group specialises in providing shared equity affordable housing and has enabled hundreds of people who might not otherwise be able to purchase their own home.

Fareham Borough Council Housing Strategy Manager Malcolm Stevens welcomed the initiative, saying, "Merlion's Assisted Purchase Scheme has made it possible for six teachers to buy their own homes in the borough. It is vitally important that teachers - and other keyworkers - are able to remain here despite rising property prices and we very much welcome this initiative. We also look forward to working with Merlion Housing on similar schemes in the future."

"We are delighted with the success of Fern Way," said Chief Executive Alistair Baker. "It is currently very difficult for any first time buyer, but particularly keyworkers, to get a foot on the housing ladder, and yet we cannot allow for nurses and teachers to be priced out our neighbourhoods. Merlion has identified a fantastic means of helping these people and I look forward to the company replicating this success across the country."

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