The Council has recently agreed to purchase several vacant homes in the City. It is part of a plan, tabled several years ago, by the LibDems which will see property bought on the open market to ease the housing crisis.
The funding to purchase empty homes will mainly come from the surplus accumulated over many years on the Council housing account.
The properties will be available on a part rent/part mortgage basis for lower paid local workers.
Typically schemes like this allow couples to get on the housing ladder and gradually move on to own the whole of the property.
Homes purchased recently include ones in Foxwood Lane, Kingsway West, Troutbeck, Teal Drive and Grange Lane
Several of the properties are former Council houses which were sold under “right to buy” legislation. They are a mixture of 2 and 3 bedroomed properties.
Initially the homes are likely to be offered to those on the housing waiting list and existing tenants.
The initiative will reduce pressure to build on greenfield sites.
An independent appraised of shared ownership can be found by clicking here