First Choice Homes Oldham (FCHO) has launched a new shared ownership and outright sales arm Fabric Living Ltd.
The announcement comes as part of ambitions to invest £150m to build 1,000 new homes by 2024.
The first schemes to get underway through the new arm will see the development of more than 32 new homes for shared ownership across three sites.
As FCHO is a not-for-profit organisation. Any profit made on the new homes is said to be invested back into social housing in Oldham.
The sites include the suburban development, Pavilion Green in Royton, where properties will be on sale from 15th February.
The first Fabric Living homes are expected to cost from £55,300 for a 35% share under the shared ownership scheme, with larger shares of up to 75% also up for purchase.
Pavilion Green will comprise 10 modern three-bedroom homes available through shared ownership and will be marketed to families, couples and singles looking to make their ‘first step’ onto the property ladder.
Two more developments are planned in the Bardsley and Sholver areas of Oldham, which will bring a further 22 homes under the Fabric Living brand.
Demand for homes is said to be ‘vastly outstripping’ supply in the Oldham area and First Choice Homes Oldham is working in partnership with Oldham Council to bring the developments forward with grant funding from Homes England.
Dave Woods, Homes and Investment Director at First Choice Homes Oldham, said: “Unveiling our first Fabric Living development is a big milestone for First Choice Homes Oldham and a significant step forward in achieving our ambitions of increasing the provision of much-needed new homes in Oldham.
“Fabric Living has come about due to the strong partnerships we are forging with Oldham Council, Homes England and local contractors, who will all help to make these new homes a reality.”
He added: “We are pleased to be able to offer these new homes through shared ownership, enabling more people to get onto the property ladder, and we are determined that Fabric Living will help to improve the area for people now and into the future.”