Council delivers on £2.76 million commitment to affordable, shared ownership homes

The council’s Shared Ownership Programme has helped more people afford their own home by creating 65 shared ownership homes in the City of York.
This scheme was run in partnership with Homes England, to help York residents get on to the property ladder.
Shared ownership schemes support those who cannot afford to buy a home on the open market. Under the council’s shared ownership lease, the resident buys a share of the property and pays rent on the remainder owned by the landlord. The proportion of the owned share can increase as and when the resident can afford it.
The homes are a mix of properties bought on the open market and converted into shared ownership. They have enabled 56 first time buyers, and nine others who wouldn’t otherwise have been able to afford to buy their own home.
The Shared Ownership Programme is a fresh approach to affordable home ownership, making homes accessible to local people in an area with high property values and high market rents. Through the scheme, City of York Council has increased its interest in housing stock across the city. This will benefit future generations of shared owners.
The Shared Ownership and Affordable Homes Programme is a £2,762,500 funded scheme and is part of the City of York Council’s Housing Delivery Programme. The Housing Delivery Programme is also building at least 600 new homes across York.
Councillor Denise Craghill, Executive Member for Housing and Safer Communities, said: “Our Housing Delivery Programme continues to address the affordable housing needs of the city for current and future generations.
“We know that there is a demand for affordable housing options in York. As such, it is good news that more shared ownership homes have been created through this programme.
“This scheme has helped 56 first time buyers get on to a difficult housing ladder, which is something that should be celebrated.”

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