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Strategic Housing and Private Developers Provide Affordable Homes For Local People
Barnsley Council's Strategic Service are negotiating with private developers to address the growing problem of housing affordability and enable would-be owner –occupiers to get onto the housing ladder.
Following on from these negotiations properties will be coming to us to offer to people on a shared ownership scheme.
Shared-ownership is a great way into home ownership. The shared ownership initiative is designed to allow people to own their own home without paying 100% of the open market value. The initiative benefits those people who are on a low level of income which restricts the type of accommodation that they can afford and single people.
There are various models available depending on the particular developer and schemes, some offer 50% share and rent payable on the remaining 50% some offer 75% share with no rent payable.
Barnsley Councils Strategic Service is trying to be proactive in their approach and compile a list of people who are interested in shared ownership so that when properties become available we can nominate people for the schemes.
These properties will be offered to any Barnsley residents who meet the particular schemes financial and residency criteria.
We currently have properties available and on this particular scheme the criteria to qualify for these properties are that
- You must have lived in Barnsley for at least 3 years
- Earning under £21,104 for a single person and no more than £36,000 for a dual income
The properties will be allocated on a first come first served basis.
We currently have new properties available to us now and future schemes will be coming on board in the new year.
The scheme Barnsley Council currently have eight, two bed semi-detached properties which can now be offered on shared ownership basis on a brand new development not far from the town centre.
There are two types of properties to choose from and various plots available. The properties would normally sell for around £98,000 however the developers are offering them on shared ownership for £73,496 (a 75% share of the property) with no additional rent payable.
After 10 years the purchaser can buy the additional share in their property if they want to, however if they sell before this time the property will be re-offered for shared ownership.
These schemes are available to all Barnsley Residents.
To gain more information on shared ownership, register for the current scheme or future schemes please contact Gillian Williams, Development Officer, Barnsley Council Strategic Housing on 01226 772702.
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