New phase of shared ownership homes from the open market

Tuesday, 13 December 2022 13:33

By Alexander Chadwick @thisisyo1

New phase of shared ownership homes from the open market

Applications are being invited for shared ownership homes to help eligible people get on York’s property ladder.

These 15 homes follow the successful sale of 65 shared ownership homes from the open market to residents, and 18 new shared ownership homes already occupied on Lowfield Green in Acomb. Key workers were given priority access to a phase of shared ownership homes at Lowfield Green.

This latest scheme will enable 15 households struggling to afford to buy their own home, to purchase an affordable share in a good quality home. Two applicants are already underway with buying homes through this scheme.

These homes will be identified from the open market, must meet certain criteria and, if appropriate, will be bought by the council. The council will then sell between 25-75% shares in the properties to approved applicants. The applicants will have had an offer of a shared ownership mortgage. The buyer will then pay the council rent on the share it still owns. The buyers may choose to buy more shares up to 100%.

Cllr Denise Craghill, Executive Member for Housing and Safer Communities, said: “I welcome this affordable home ownership scheme which gives residents aged up to 75 the chance to buy their own home. Low-cost home ownership is a very popular and effective way of enabling people in a variety of circumstances, including key workers, to access affordable long term accommodation.

“This scheme also complements the 40% shared ownership Passivhaus homes we’ll be offering at our Housing Delivery Sites on Duncombe Barracks in Clifton, and Burnholme in Heworth.”

Find out more about the shared ownership scheme at www.york.gov.uk/SharedOwnership or email sharedownership@york.gov.uk.

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