City of York Council has launched a new shared ownership scheme to help residents on low incomes get onto the housing ladder.
The average house price in York is nine times the average local wage which means many local residents struggle to afford a property of their own.
In order to help out those on low incomes, the council has started a shared ownership scheme, in partnership with Homes England, which will cover 65 properties.
Applicants to the scheme must have a combined household income of less that £80,000 per year and they must also get a mortgage from a lender before applying.
They are then required to find a suitable property on the open market or choose from four newly-converted, council-owned apartments.
Once a new home has been located, the applicants then approach the council who will purchase it.
The applicants will then buy a 25-75% share in the property from the local authority and, over time, they will be able to buy up the rest of the new home.
‘Offering eligible residents the freedom to choose their own home for shared ownership is a new and innovative approach to delivering more, affordable options,’ said Cllr Helen Douglas, executive member for housing and safer neighbourhoods.
‘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.’
