Homes meant to be sold at a discount on a town’s 96-strong estate have been deemed no longer financially viable.
On Tuesday, members of Ipswich’s executive will be presented with an update on several housing developments being carried out by the council’s house-building company, Handford Homes.
The report outlines progress across the Ravenswood, Hawke Road, Fore Hamlet and Bibb Way sites, providing a mix of new council housing and market rental properties.
New homes in Ravenswood, Ipswich. Picture: Ipswich Borough Council
In Ravenswood, however, although all 96 homes are expected to be completed by April this year, 10 of them have been deemed no longer financially viable.
These were required by a section 106 legal agreement to be offered for affordable ownership and sold at a discounted rate.
The report states market conditions have meant the 10 homes would no longer recover their cost, with the company now recommended to submit a new planning application to turn these homes into private market rent at a cost of £15,000, to be funded from the project’s contingency pot.
The programme is funded by Homes England and the Government’s Brownfield Land Relief Fund, with the council picking up the remaining scheme costs from its capital programme.
More details are expected during Tuesday’s executive members’ meeting.
Addressing the progress made by Handford Homes, Cllr Alasdair Ross, the council’s housing lead, said he was pleased with the company’s operation and stressed developing new affordable housing was a priority.
The company, which will deliver a further 302 new homes by March 2026 across the current four sites, is working with the council to identify new sites for construction after 2025.