Innovative shared ownership scheme launched to help York's homebuyers

The City of York Council in partnership with Homes England is initiating a new shared ownership programme to help more people buy their own home in York. Eligible applicants will be able to chose a house to buy on the open market which, if suitable, the council will purchase on their behalf and enter into a shared ownership contract, with the homeowner gradually buying more of the property over a period of time.

In addition, the council has four newly-converted city centre apartments to sell on a first come, first sold, shared ownership basis. At Elmwood House, Cemetery Road, Fishergate, York YO10, 5AQ, there is one one-bedroomed flat and one two-bedroomed flat on the ground floor, and on the second floor there are two, two-bedroomed flats.

The scheme for 65 homes will run until 2021. Eligible applicants will need to obtain a mortgage offer from a lender and then apply throughwww.helptobuy.gov.uk , which in York is run by Yorkshire Housing. To be eligible for the shared ownership scheme applicants must:

  • have a combined household income of less that £80,000 per year
  • be first time buyers,  former home owners, or military or ex military personnel
  • be unable to afford to purchase a suitable home at market value 
  • not own a share of, or own any other property (unless a shared ownership home that you wish to move from)
  • Have a minimum 5% deposit and be able to cover the cost of buying a property
  • Have secured a mortgage offer.

Houses chosen from the open market must be:

  • within the price guidelines set out in an offer letter – usually for no more than £200,000
  • within the City of York boundary area
  • not a listed building or in a listed building
  • in good mortgage-able condition
  • without any previous shared ownership grant funding attached
  • priced in line with an independent valuation.

Cllr Helen Douglas, executive member for housing and safer neighbourhoods, said: “Offering eligible residents the freedom to choose their own home for shared ownership an innovative approach to delivering new affordable options to residents struggling to get on York’s property ladder..

“With support from Homes England, which our Conservative Government has expanded to take a bigger and a more creative role in addressing the long term housing challenges facing the country,  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.”

For more information please call 01904 552621 or email sharedownership@york.gov.uk .

More details including a buyers guide are at www.york.gov.uk/sharedownership.

Full detail of the apartments can be downloaded from www.york.gov.uk/sharedownership.

Full information, terms and conditions are at www.helptobuy.gov.uk .

For more information on Homes England visit: https://www.gov.uk/government/organisations/homes-england.