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Government funding secures lower-than-market home prices on Isle of Wight

The largest affordable housing development in a decade can now be built on the Isle of Wight – on a greenfield site.

Properties at Acorn Farm, on Horsebridge Hill, are expected to be delivered over the next three years, for both Islanders on the Isle of Wight Council’s housing register and key workers.

A partnership between Captiva Homes and Sovereign Network Group is behind the plan for 131 houses and 72 flats. A new play park will also be included in the development.

All lower-than-market-value price or socially rented
The proposal had pledged all the flats would be ‘affordable’ and the houses would be sold at market price, but £30 million in government funding now means the entire development will be available for a lower-than-market-value price or socially rented.

Members of the Isle of Wight council’s planning committee approved the plans last night (Tuesday).

Quirk: Sort of development the Island needs
Councillor Chris Quirk called it the sort of development the Island needs.

Councillor Andrew Garratt, for Parkhurst and Hunnyhill, said it was regrettable a greenfield site would be used, but added the scheme “was more than sufficiently adequate”.

Concern about increased traffic
However, he highlighted concerns about the impact of increased traffic on Horsebridge Hill, calling for the future of the Newport to Cowes route to be considered by the Isle of Wight council.


This article is from the BBC’s LDRS (Local Democracy Reporter Service) scheme, which News OnTheWight is taking part in. Some alterations and additions may have been made by OnTheWight. Ed