Shared ownership housing development takes shape
From left, Gail Cahill, Cllr Symon Fraser, Karen Williamson and David Siddle, of East Riding Council, and Mike Beal, of Hobson & Porter.
By Hull Daily Mail | Posted: 12 Jul 2018
CONSTRUCTION work has started on the first-ever council-backed shared ownership housing scheme in the East Riding.
The development will eventually see ten affordable homes built at West End Farm Close in South Cave.
Six will be three-bedroom properties and four will have two bedrooms.
Under the initiative, people will be able to buy a share in a property of between 25 per cent and 75 per cent and then pay a discounted council rent on the remainder.
Councillor Symon Fraser, portfolio holder for housing and environment at East Riding Council, said: “This development is the first of its kind by the council and recognises the growing demand from local residents
for low-cost home ownership solutions.
“Shared ownership is an excellent way to help people who otherwise would be unable to afford to buy their own home.
“The development will target local residents through a sales policy, which will prioritise households with a local connection to South Cave.”
Would-be buyers are also required to meet a number of national eligibility rules for shared ownership.
These include being in a household earning less than £80,000 a year, being able to afford a 5 per deposit and having enough funds to cover mortgage charges.
The development of the South Cave scheme is part-funded by a £350,000 grant from Homes England and is being constructed by Hull-based firm Hobson & Porter Ltd.
It is anticipated to be complete by spring next year.
As well as the new-build scheme, the council is also working with the housing association Together Housing to market properties available to buy as shared ownership.
Current opportunities exist in Pocklington, South Cave, Skirlaugh and Goole but, over time, the council is looking to build and acquire more properties for shared ownership across the East Riding.