Bellway has become the first private housebuilder to set up a trust to deliver shared ownership housing.
The body, which will be a subsidiary of Bellway plc, will offer homes on a shared ownership basis. It will cater for first-time buyers struggling to get on the housing ladder.
The trust will deliver the shared ownership element of schemes that Bellway and other housebuilders are obliged by councils to develop under section 106 agreements.
Bellway has said it will continue to work with housing associations to deliver the social rented element of its schemes.
A spokesperson said the trust would be funded from Bellway’s own resources. Brian Everett, the trust’s business development director, said: “The Bellway Housing Trust will enable us to meet our obligations to provide low-cost home ownership without the input of public subsidy. The trust will offer three products to would-be home owners unable to buy their homes outright.”
Purchasers will be able to buy out the trust’s stake in the property so they own it outright.
The trust’s first scheme is being developed at Bellway’s Sovereign Court in South Woodford, Essex.