Applications for the first phase of Shared Ownership homes are due to open imminently at Three Oaks in Newport, with the development delivering 131 properties through Shared Ownership and affordable rent over the next three years.

The result of a £30 million investment by Sovereign Network Group (SNG) and Captiva Homes, Three Oaks will provide a range of homes designed to appeal to first-time buyers, growing families and downsizers. The one- and two-bedroom apartments, and houses with two to three bedrooms, are not only affordable but also conform to SNG's rigorous sustainability standards, designed to benefit the wellbeing of all customers.

The first homes to launch at Three Oaks will include three-bedroom houses, with completion of this first phase of the development anticipated by the end of 2025. Located in Newport, the homes are within easy reach of local shops and popular restaurants, as well as a selection of stunning cycle routes on the nearby Red Squirrel trail.

These first homes will be available through Shared Ownership, meaning buyers can purchase a share of the property and pay a subsidised rent to SNG for the remaining share. Over whatever timescale suits them, buyers have the option to purchase additional shares if they wish, providing an affordable route to full ownership in line with the buyer's individual financial circumstances.

Claire Blenkin, Head of Sales at SNG, comments: “We are thrilled to soon be launching the first homes at what will be a thriving new neighbourhood for coming generations. These superb new properties will showcase how affordable, sustainable homes can deliver community-wide benefits and support local buyers to achieve their property ownership dreams.”

Customers at Three Oaks will have the choice of a variety of open-plan layouts and contemporary designs. Each home will benefit from SNG's signature specification, with carpets and flooring throughout. Sustainability features to each house include EV charging points, air source heat pumps and solar PV panels, whilst all houses also come with allocated parking and private gardens.

Three Oaks has been designed with local family life firmly in mind. The development will include improved transport links and a lovely new playground for local children to enjoy. On a practical level, the development will feature enhanced drainage systems to support the alleviation of potential flooding in the area.

Parents will be pleased to know that Three Oaks is well located for local schools, with Hunnyhill Primary and Medina College nearby, along with a selection of nurseries for the development's smallest residents. For venturing further afield, the development is well placed for frequent Southern Vectis bus services to Newport, Ryde, Sandown, Shanklin and Ventnor.

To find out more about the available properties and about Shared Ownership, visit https://www.sovereignliving.org.uk/developments/three-oaks-isle-of-wight.

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Please contact the SNG press team at The Oracle Group on sng@oraclepr.co.uk or 0208 394 2821 for further information.

About SNG

SNG (Sovereign Network Group) is one of the largest housing associations, providing over 82,000 homes in areas facing some of the most acute housing need across London and the South of England, with an ambition to build an additional 2,500 homes a year by 2026. It was formed on 1 October 2023 through the bringing together of Sovereign Housing Association and Network Homes.

SNG is a leading builder of affordable homes, including for social rent, and it has a clear pathway to maximise its social and environmental sustainability through its ambitious Homes and Place Standard alongside its planned £100m Community Foundation.

SNG is a member of the G15 group of London's largest housing associations. The G15 is the collective voice of some of the leading organisations in the housing sector.

Its members house one in ten Londoners and are the largest providers of affordable homes in the capital, building a quarter of all London's new homes, and owning or managing more than 600,000 homes.