DORSET’S housing market is set to receive a “welcome boost” from plans to build 600 homes for rent and shared ownership.

Magna Housing has announced that it will start building 600 homes for rent and shared ownership over the next five years.

These will be in Magna’s core area which includes West Dorset, Weymouth and Portland and North Dorset, as well as South Somerset.

It plans to build 300 for shared ownership and 300 will be for social rent which features rents lower than in the private sector.

Figures recently acquired by the Dorset Echo showed that people were living with the “shocking reality” of having to wait up to 10 years for a council house, with thousands on waiting lists in West Dorset and Weymouth and Portland. Magna’s new social rented homes will be at a rent of around £86 for a one bed property and around £106 per week for a three-bed property.

Shared ownership properties let people buy as much of the house as they can afford whilst also enjoying a low rent on the rest of it.

Cllr Tim Yarker, West Dorset District Council’s housing portfolio holder welcomed the plans.

He said: “It is really good news that Magna is building again.

There is constant demand for high quality social housing in the area which we struggle to satisfy, Magna’s return to development will provide a welcome boost to supply and will help local people.

“In addition, there are many people who want to own a home that they can afford. By building shared ownership properties as well, Magna is helping to plug this gap.”

Magna has said that it will build to a high standard of design and specification.

Adam Peat, chairman of Magna’s board, said: “Magna is really proud to be undertaking such a large building programme over the next five years which will truly meet our purpose of helping people meet their housing needs.”

David Aldwinckle, Magna Housing Association director, added: “We support the communities we are based in and we know there is a need for houses that people can afford to rent or buy. We will be setting our rents at the social rent level which are the lowest of all the different types of rent possible.

“By building shared ownership homes too, we are making a more affordable option available for anyone who wants to own their home.”

People interested in applying for social housing should contact their local authority while anyone interested in the Help to Buy Scheme in the area should go to www.helptobuysw.org.uk