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Going to bed with Ovaltine may be easier than you think

PR 57414th March 2006

New Ovaltine Village residents, Ian Mackie and Charlotte Law, have backed the District Council's invitation to local people to consider applying for a shared ownership home.

Shared ownership schemes provide a means for residents to get onto the property ladder at a time of soaring house prices. The famous site in Kings Langley is taking applicants for the affordable homes and the first residents have now moved in.

Speaking from her new home at Ovaltine Village, Ms Charlotte Law said:

"Buying an affordable home is quite hard, it's like buying a home in the normal way, but it's brilliant, fantastic - we are now on the property ladder. Hopefully in a few years we will be able to buy the whole flat. Our advice would be to sign up on the Council housing register and remember to tick the box for shared ownership."

People buy a 25% share in a new home, usually with mortgage, and pay a subsidised rent on the remaining 75%. They can then buy a greater share of the property and buy the home outright when they become able.

Applicants will need a joint or single income of around £21,000 per year for a flat and £33,000 a year for one of the houses and must sign up to the housing register in order to be considered. Allocation of the homes is weighted in favour of existing Three Rivers residents.

The development has been produced by the District Council in partnership with Assettrust and Genesis Housing Group, and was built by Fairview New Homes. When it is completed the Ovaltine development will contain 367 homes.

The village will also provide local jobs, with the redevelopment of 3,000 square metres of light industrial units and 4,200 square metres of office space. It is hoped the industrial and office development will create 240 jobs, the same amount of people working at Ovaltine before it closed.

Residents can contact Three Rivers District Council for more information 01923 776611 enquiries@threerivers.gov.uk. More affordable housing schemes are planned for the future.