City of York Council launch shared ownership housing scheme

 City of York Council has launched a shared ownership scheme which they hope will address the unbalanced housing market in the city.

Average house prices in York are nine times the average salary.

The scheme for 65 homes will be run in partnership with Homes England until early 2021, and to be eligible, applicants must have a combined household income of less than £80,000 per year, be first time buyers or former home owners and have a secured mortgage offer.

Once a house is found on the open market for less than £200,000, the buyer must notify City of York Council who will view the property.

If it is suitable, the council will purchase it and the applicant will buy an agreed share from the council, usually 25-75%.

The council says customers must buy the maximum share they can ‘afford and sustain.’

Over time and when they can afford it, shared owners can gradually buy more of the property right up to 100% ownership.

In addition, the council has four newly-converted city centre apartments to sell on a first come, first sold, shared ownership basis.

Cllr Helen Douglas, executive member for housing and safer neighbourhoods, said: ‘Offering eligible residents the freedom to choose their own home for shared ownership is a new and innovative approach to delivering more, affordable options.

‘With support from Homes England, we’re aiming to help households buy a share in the home of their choice with the council, and four households to secure one of our high-quality apartments for shared ownership.’

Dilys Jones, Homes England’s head of home ownership and supply for the North East, Yorkshire and the Humber said: ‘Homes England  are pleased to be working with City of York Council on this innovative approach to affordable home ownership making existing and new properties accessible to local people in an area with high property values.’