St Minver CLT: Delivering affordable homes in a super-priced area
Rock, in North Devon, is reputedly one of the most expensive places in the world to purchase a home, with high levels of second home ownership and holiday lets, making it virtually impossible for first time buyers to access the market and placing additional demands on the limited stock of social rented housing.
St Minver CLT facilitated the provision of affordable self-build homes, at less than a third of Open Market value. Occupants hold the freehold on the land, which is affected by a resale covenant, limiting the resale value of the property, and a pre-emption agreement in favour of St Minver CLT.
To date, 12 homes have been built, with 8 more in the pipeline.
St Minver CLT was aided by Cornwall Community Land Trust, a then newly formed umbrella group. A £5000 set-up grant from North Cornwall District Council was followed by a £554,000 interest-free development loan. Mortgages on the properties were secured individually by the self-builders.
To read the full Case Study in PDF format, click here (opens in new window).
Watch a short film on St Minver CLT from WeeFlee Productions.