Hundreds of affordable homes to be built in Cornwall to tackle housing crisis

Almost 300 new affordable homes will be built in Cornwall to alleviate the county's housing crisis.

Housing charity Coastline Housing said the new homes will make a "huge difference to families and individuals" seeking to get onto the housing ladder or stay in their area rather than having to leave because they are being priced out.

Coastline Housing aims to build 270 homes over the next three years.

The homes will be built in Penzance, Redruth, Connor Downs, Constantine, St Erth, Goonhavern and Falmouth.

The investment was made possible by a £22.8m of grant funding from Homes England and secured a further £50 million to fund.

Coastline how has been able to sign up to a new government guaranteed loan agreement which saw the charity secure an additional £50 million.

Allister Young, chief executive of Coastline Housing, said: “In order to maximise what Coastline could build with the £22.8 million of grant funding we needed to secure some additional investment.

"We became part of a group of three housing associations nationally to borrow money through the Affordable Homes Guarantee Scheme, guaranteed by the government, securing an extra £50 million to be paid back over 30 years.

“All of this will enable us to build 270 new homes in Cornwall over the next three years, some for shared ownership, some for affordable rent and 154 for social rent.

"This is important because this is a low cost rent that is set by a government formula and is significantly lower than the rate someone would pay in the private market – typically 50-60 per cent of the rents on offer privately in the local area.”

Meanwhile work has already begun at some of these sites, including at St Erth, where Coastline will be providing 44 new homes.

Members of the local Parish Council gathered with Coastline colleagues and contractors this week to officially celebrate work being underway in the village.

The St Erth development, which will be a mixture of one, two, three and four bedrooms, is situated on land just off Treloweth Lane. It will see 27 properties offered for social rent and the remaining 17 offered for shared ownership.

Chris Weston, director of development and commercial services at Coastline Housing, added: “These homes will make a huge difference to families and individuals in the parish of St Erth who are looking for a home to call their own but may well have been priced out of the rental and property market locally.

“Homes play a major role in our lives. They support our mental and physical health, and it is essential for everyone to be able to access and afford a decent home. These 270 new homes are therefore a step in the right direction for Cornwall.

"These homes will also help to boost the Cornish economy, bringing additional value through jobs and other economic activity as they are built."