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Housing Solicitors

Shared ownership homes underway in North Yorkshire as a result of Homes & Communities Agency grant (23 June 2016)

Date: 23/06/2016
Duncan Lewis, Housing Solicitors, Shared ownership homes underway in North Yorkshire as a result of Homes & Communities Agency grant

Craven District Council in North Yorkshire is preparing to start work on shared ownership housing schemes, after receiving £72,000 from the government's Homes & Communities Agency, which was approved by the council's policy committee in June.

It is thought planning applications for some of the sites the council has earmarked could be submitted by late summer.

Director of Services at Craven District Council, Paul Ellis, said:

“This scheme will provide much-needed affordable housing for Craven residents, while also developing an important income stream to help offset the massive financial challenges the council is facing.

“Shared ownership housing allows individuals on low to middle incomes to get their foot on the housing ladder sooner than they may otherwise be able to do so, by requiring a much smaller deposit and mortgage.

“Shared ownership will also provide the council with a stable rental income.”

With shared ownership, occupiers buy a share of the property and then pay rent on the remainder. Owners then have the option of acquiring additional shares, with a consequent reduction in the rental payment.

Craven Council is now a registered provider of social housing and has entered into a service agreement with Yorkshire Housing, which will work with the council to identify applicants for the new homes.

A pilot scheme to build three, two-storey, two bedroom starter homes with associated off street parking is due to begin later this year and could be occupied early in 2017, said the council.

The council has also identified a number of sites that could be developed, with the intention of launching a first phase providing around 12 homes.

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