Craven District Council offers shared ownership housing to first-time buyers
Craven District Council has completed the purchase of two properties in Sutton and is making them available as shared ownership affordable housing for first time buyers.
The purchase follows approval by councillors to seek to acquire properties that become available as part of planning agreements on development sites.
Paul Ellis, Director of Services at Craven District Council, said: "By purchasing these properties Craven District Council is directly assisting in providing much-needed affordable housing to meet the needs of first time buyers living and working in Craven.
"The initiative is also an example of the council finding innovative ways of developing additional income streams. This will help offset the reduction of central government grants, enabling us to continue to fund key front line services to residents."
The properties in Lumb Croft, off West Lane, Sutton are both good-sized semi-detached two-bedroom homes, built to a high specification by local developers on a small development of 10 dwellings in the village.
They both include private parking and have easy to manage garden areas, with double patio doors from the lounge which lead to a small wooden decked area with steps leading down to a garden.
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.
The principle of shared ownership is that occupiers buy a share of the property, for example 50%, and then pay a rent on the remainder. For example, on a property with a market value of £175,000, occupants would need a mortgage and deposit based on a payment of £87,500. The owners then have the option of acquiring additional shares with a consequent reduction in the rental payment.
Details of the properties in Lumb Croft are available through Harrison Boothman Estate Agents. The purchase involves all interested parties undergoing an "eligibility check" upon showing interest and making an offer. Application forms are available from Harrison Boothman, telephone: 01756 799993 or go to www.harrison-boothman.co.uk