Kingdom Housing / News Archive / Mid Market Rent

Mid Market Rent

Tenants have moved into the final phase of Kingdom Housing Association’s recently completed £3.5 million mid market rent development at Pottery Street Kirkcaldy.

The 39 unit development provides a mix of one and two bedroom affordable flats for tenants who are employed, or have an offer of employment, and meet the qualifying criteria. The flats are fitted out with blinds, floor coverings, oven and hob and a washer dryer.

New tenants, Mr Craig McCall and Miss Kayley Archibald, said: “This is an excellent opportunity for us to have our first home together whilst saving to get on the property ladder, the location of the flat is excellent and we also feel safe in the knowledge that it is a Kingdom Initiatives development.”

Bill Banks, Kingdom’s chief executive, hopes all the tenants enjoy living in their new homes and said: “Projects such as the Pottery Street development provide high quality housing and help meet local needs. However, there continues to be a growing need for affordable housing of all tenures and Mid Market Rented (MMR) projects help meet this need through providing high quality housing for priority applicants. This is our second MMR project in Kirkcaldy and various recent reports have identified the need for significantly more affordable housing.”

He added: “‘The Affordable Housing Need in Scotland’ report has identified a need for at least 12,000 affordable homes a year, for the next five years. But current programmes will only provide around half this amount and the report acknowledges that MMR should continue to be part of this target. All providers in the housing sector recognise the need for affordable housing and I would also hope the Scottish Government fully acknowledge this and the added value that can be delivered through increased investment in affordable housing, including additional support for MMR projects.”

Bill continued: “Investment in affordable housing not only meets housing needs, it provides added economic and social benefits and through working closely with local Contractor, Lundin Homes, who developed the project for Kingdom, local employment and contract opportunities were created and three training placements were provided on the project.”

The total project cost is £3.516m. The Scottish Government provided £1.160m funding and Kingdom Housing Association have funded the balance for this project which is designed to comply fully with Housing for Varying Needs standards and Secured by Design.

Alan Spence, director with Lundin Homes, said: “We have been pleased to deliver these flats for Kingdom Housing Association on the site of our former office and workshop. We very much look forward to working in partnership with Kingdom Housing Association to deliver more affordable homes in future years.”

The project has been developed by Kingdom Housing Association, and the Association will retain ownership of the flats, however Kingdom lease the flats to its subsidiary, Kingdom Initiatives, who let and manage the properties.

The rents for MMR projects are higher than social rented properties, however they are lower than private sector rents in the area. The rent for a 2 bed flat will be £417 per month and a 1 bed flat will be £343 per month.

Kingdom have now developed 252 homes for Mid Market Rent in Dunfermline, Kirkcaldy, Cellardyke and Falkirk and are currently on site with further Mid Market Rent projects in Kirkcaldy and Guardbridge, with other projects planned for other areas over the next few years.

Further details on the project and on Mid Market Rent can be obtained from here.