As a determined housing association, Futures has pledged to put as many roofs over people’s heads as possible after a report outlined the staggering difference between earnings and house prices in the East Midlands.
The Group, which manages more than 9,100 homes across the East Midlands, has vowed to do all it can to tackle the housing crisis by building homes to suit all needs.
The pledge comes after the National Housing Federation, the national voice of housing associations, published its Home Truths report this week.
Lindsey Williams, Futures’ Group Chief Executive said: “The Home Truths report paints a stark picture of the housing crisis and the struggles many families have in putting a roof over their heads – so we are absolutely determined to provide as many homes as possible to stabilise the crisis.
“Average wages across the region mean home ownership isn’t an option for everyone and we know that a secure home, whether it is owned or rented, helps people lead lives free of stress or worry.
“This year we’ve launched our rent to buy scheme, giving people the chance to save for a deposit while renting a new build home, while also boosting our development programme to offer more homes for market sale alongside our affordable and social rented homes.”
The report reveals that the average East Midlands worker needs a pay rise of £20,000 to get an 80 per cent mortgage for a home in the region.
Along with providing homes for social and affordable rent as Futures, the group develops properties for outright sale and market rent through its development company, Limehouse Developments.
The Group has committed to building more than 1,000 homes by 2020, delivering on average 300 homes each year.
Innovative new products, including state-of-the-art modular homes and rent to buy tenancies are just some of the ways Futures is working to ensure communities have the right homes in the right places.
New rent to buy customer Dylan and his wife Danielle moved into their home just weeks before their first child was born. Dylan said: “Before, we had no chance to save up for a home; this is a great way of getting onto the property ladder, I’m really chuffed.”
The Home Truths report reveals that average house prices across the East Midlands are £200,029, while average earnings are £25,948; only people earning nearly £46,000 a year can afford the typical mortgage.
Helen Greig, External Affairs Manager for the National Housing Federation, said: “Housing associations are committed to working with the combined authority and local authorities to help the region address its housing challenges.
“The Government must deliver long-term supply of affordable land. Only then will the right amount of homes, of the right kind, in the right places, be built to meet changing housing needs in the East Midlands.”