East Riding of Yorkshire Council is helping people to get their foot on the property ladder by offering shared ownership housing. There currently is an opportunity for potential buyers who are looking for a house in Goole.
Shared ownership enables applicants to buy an initial share of a property (between 25% and 75%) and pay rent on the remainder to the council. Purchasers can then buy additional shares in the property until they own it outright (known as ‘staircasing’), or they can stay at the same level of ownership. Mortgages are available to help eligible households access the funding required to purchase the initial and future shares.
The council has recently bought two newly-built three-bedroom houses on the Whin Croft Development at the edge of Goole, looking onto open countryside but still close to the town centre. One of these properties is still available for sale, starting at £40,000 for a 25% share.
This Government backed scheme is a way of making it more affordable for people to own their own home. As buyers only purchase a share of the property they need a smaller deposit and mortgage. The rent is discounted on the remaining share making the total outgoings more affordable compared with buying the property outright.
There are some eligibility requirements for the Shared Ownership Scheme, so the council is working with housing association Together Homes to guide potential buyers through the application process.
Councillor Symon Fraser, cabinet portfolio holder for strategic asset management, housing and environment, said: “Shared Ownership is an excellent way to help people who otherwise would be unable to afford to buy their own home.”
The council is developing shared ownership opportunities across the East Riding, including in South Cave, Market Weighton and Pocklington.
Anyone interested in more information about purchasing a property via the Shared Ownership Scheme, including the property in Goole, should contact the council by emailing email@example.com or by calling (01482) 393964.