Housing Needs Survey Results

Housing

• Average property prices of £354,895 within Folly Gate in 2021, increasing from£319,000 in 2020. The average for 2022 had increased on both of these years to £633,750, this was based on the only 2 homes that sold.
• Development has been concentrated at Cleave Close, providing 14 homes.

Affordable Housing

• Current stock (approximate): Live West - 13 current affordable stock.
• Turnover of stock between Jan 2019 and Sept 2022 included 1 x 1 bed property, 1 x 2 bed property, 1 x 3 bed property and 1 x 4 bed property.
• There were 96 bids on the 4 bed house, and 74bids on the 1 bed bungalow, 35 bids on the 2 bed and 17 on the 3 bed.

Devon Home Choice

• 12 applicants registered with a local connection through residence.
• 1 applicant registered with a local connection through immediate family connections.
• The average income of households registered on Devon Home Choice with a local connection to Folly Gate is £22,146 annually (mean).

Renting in Folly Gate

• Data from Rightmove showed that the average rent in Folly Gate between 2020 and 2022 was £750 a month for a 3 bed property.
• The Local Housing Allowance Rate for a 3 bed for that area is £822.73.
• This amounts to approximately 36% of the average monthly income for those in the parish of Inwardleigh.
• This also amounts to approximately 40.7% of the average income for those registered on Devon Home Choice with a local connection to Folly Gate.

Development

• Upcoming development at Folly Gate will include the site at Brandize Park, which will deliver Discount Market Sales properties.
• Planning has been granted for future development in Folly Gate for 23 homes, 5 of which will be affordable rent and 2 will be shared ownership. This has achieved he 30% target for affordable housing delivery on thesite. (Land at SX 573976).