Following on from yesterdays news about a £112,500 flat being sold in Skeldergate, there is more good news for aspiring home owners in York today.

An innovative new scheme to help more people afford a home of their own in York is being launched!

City of York Council’s new shared ownership scheme invites applicants to find their own home on the open market or choose from four high quality newly-converted apartments to buy with the council.

In York, high demand and low supply has increased house prices beyond the reach of many residents. With average house prices nine times local average wages the scheme for 65 homes is run in partnership with Homes England until early 2021, to help eligible York residents get on to the property ladder.

To be eligible, applicants must:

• have a combined household income of less that £80,000 per year
• be first time buyers, or 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.

Eligible people can choose a property from the open housing market. This 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.

If eligible and interested, first get a mortgage offer from a lender then apply via www.helptobuy.gov.uk – run by Yorkshire Housing. Please state on your application that you wish to buy with City of York Council and your details will be passed on to us.

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