Residents struggling to get their foot on the property ladder will be given a step up by the Royal Borough and Housing Solutions after a one million pound extension to a shared ownership scheme was approved.
More than 30 households have already been helped through the project – known as Do it Yourself Shared Ownership (DIYSO) – and this latest investment will support a further 10. A scheme for key workers was also launched last year and so far two purchases have completed from an anticipated 10 purchasers.
The scheme enables residents to select a property on the open market and purchase it in conjunction with the council and Housing Solutions, allowing them to buy a home they would not have otherwise been able to afford.
By purchasing a property in shared ownership residents can pay as little as 35 percent of the total cost, buying back the rest over time, as and when they can afford to.
Cllr Ross McWilliams, deputy lead member for policy and affordable housing, said: “We know all too well how hard it can be for some residents to buy their own home in the borough but through Do it Yourself Shared Ownership the council and Housing Solutions are turning that dream of home ownership into a reality.
“This council is absolutely committed to delivering genuinely affordable homes for the residents of our borough. After this latest round of funding more than 50 households, including the keyworkers that the borough relies on every day, will have been helped into a home they otherwise could not have afforded.”
Jill Caress, Development Director at Housing Solutions said: “We’re delighted to be able to extend the scheme and help more local families get onto the property ladder. The scheme has been hugely successful and has helped a number of local families buy their first home. We look forward to continuing our work with the council to help tackle the affordable housing shortage in the area.”
To date all homes purchased through DIYSO for residents have been two or three bed homes and include a mixture of houses, flats and bungalows, dependent on each applicant’s needs.
To be eligible residents need to have lived in the borough for at least six months. They can decide how much of the property they can afford to purchase, above a minimum stake of 35 percent, and then pay a pre-agreed level of rent on the remaining amount.
Each arrangement is unique and will be tailored to ensure that it is affordable given each applicant’s personal circumstances.
Cabinet approved the recommendation for the Royal Borough to invest a further £500,000 into DIYSO on Thursday 29 June with Housing Solutions funding at least the same again through private finance.