All homes have been sold at the first phase of an affordable development in Leamington Spa, as Platform Home Ownership celebrates its successful collaboration with Miller Homes.

The Foxbury Fields development features 16 homes through Shared Ownership in partnership with the five-star housebuilder, and with two more properties coming in April next year.

Shared ownership allows homeseekers to purchase a share of their home and pay rent on the remaining amount, typically buying between 10 per cent and 75 per cent of the property's full market value.

This lowers the amount needed for a deposit, with most deposits on Shared Ownership schemes between five per cent and 10 per cent of the share and not the full amount.

Through the process of Staircasing, those using Shared Ownership can gradually increase the amount of their home that they own.

The development, off Harbury Lane at the southern tip of Leamington Spa, includes two and three-bedroom semi-detached homes now fully occupied.

Lorraine Jenkins, sales consultant for Platform, said: "Leamington Spa is consistently ranked among the UK's happiest places to live, so it's important that people who have grown up here aren't priced out of the housing market when moving out of the family home.

"Foxbury Fields has proved to be a hugely popular development, and our partnership with Miller Homes reassures both us and our buyers that they're settling down in high-quality homes in this desirable location.

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"Shared Ownership offers a viable alternative to 100% rent, meaning buyers can have more control over their homeownership journey and, in many cases, get onto the property ladder ahead of schedule."