Our Development Programme
Over the next four years, Red Kite will provide 375 new homes in the Wycombe District, with an aspiration to deliver up to 500.
Our ambition has always been to provide a choice of homes, giving local people a range of options that cater for as many different levels of affordability as possible. To do that, we need to make the best use of our money, land and resources.
Over the last 18 months, we have been working on a development plan, which has been approved by our Development Committee and our Board. A great deal of thought and consultation has taken place to make sure that the plan meets our vision and values as a social housing provider, that our new housing development delivers our core objectives and that the homes we provide are a valued addition to Wycombe’s stock.
Our focus is to provide rented homes at less than 80% of market rent and homes for shared ownership. To achieve that, we need to subsidise the construction of those homes. We are also planning on providing a number of homes for market rent and outright sale.
Doing so, means that a surplus can be generated to pay for the deficit that is incurred when building social rented homes. In total, we want to provide 172 new homes that will be available at affordable or social rent. This is possible because of the surplus which we make on market rent and outright sale homes.
Building social rented homes requires a subsidy of up to £86,000 per home. The level of cross-subsidy that we get from other tenures, like outright sale and market rent, means that because they deliver a return on investment over time, they generate the financial resources we need to build social homes.
On that basis, our development plan on current estimates will see us deliver the following types of homes over the next four years:
- 80 new social homes
- 92 affordable rent homes
- 60 shared ownership homes
- 80 market rent homes
- 63 homes for outright sale homes
Our biggest development scheme will be in the Castlefield area of High Wycombe, where we intend to replace the existing 97 homes, with 184 brand new ones that include a majority for social rent, as well as homes for ownership, market rent and shared ownership.
This flagship redevelopment has had many challenges including the high cost of building homes on this difficult site. However, the great location and benefits that the regeneration will bring has made us determined to do all we can to deliver what is likely to be the largest single development of homes for us in the next four years. We are very much looking forward to delivering on the Council’s promise to the community that this would happen.
This redevelopment will come later in 2018, and our plans for new homes at Windrush House, Burrows House and Queensmead, which have already been submitted for or have already been approved for planning, will include as well as affordable homes, some for home ownership and some for market rent. These will help provide the subsidy of approximately £11,500,000 required to build our new homes at Castlefield. We are currently at various stages of the process for delivering further new homes on a further thirty sites.
Our agreed approach, which has involved customers from our Development Panel and members on our Development Committee, firmly fits with our charitable purpose, our values and ultimately, our desire to provide as much social housing as we can afford in the area.
We look forward to releasing more information about each of our development areas over the coming years and seeing more and more people make the most of the housing choices available to them.
(For information, we have no affiliation or relationship with Red Kite Development Consultancy or any other Red Kite named agencies)