Craven District Council is set to build 11 more shared ownership homes on Council land, providing much-needed affordable housing for residents.
Council-owned former garage sites at North Parade, Skipton, and Duke Street and Banksway in Bentham, will be developed at a total cost of £1.84 million.
The Council has already built 10 shared ownership homes on three other sites since 2016, for first-time buyers who cannot afford to access market housing. It has bought a further 11 homes from private developers to offer as shared ownership, with more on the way.
Paul Shevlin, chief executive of Craven District Council, said: “The Council is very pleased to be able to play a direct part in delivering affordable homes to the people of Craven.
“These new shared ownership schemes will enable more residents to get on the housing ladder. Shared ownership means that the buyer initially shares the costs of ownership with the Council – making it affordable for those who might not otherwise be able to pay as large a deposit or get as big a mortgage as they would need to buy on the open market.
“These schemes are particularly useful for young people and young families – first time buyers who may be struggling to find a property within their price range.
“This is just one of many steps we are taking to make it more attractive for people to live and work in Craven. We also work with developers to deliver affordable homes as part of private developments.
“Since 2015, developers have built 254 affordable homes in Craven – over 37 per cent of the total number of new homes. Another 243 affordable homes are currently on site and are expected to complete over the next two years.”
The new properties at North Parade and Bentham are being part-funded by a grant of £515,000 from Homes England and a Land Release Fund grant of £31,250.
They will include a number of environmentally-friendly features, including solar panels and electric charging points on the Bentham homes, and reductions in carbon emissions in the Skipton properties.
Shared ownership is designed for people who cannot afford to buy a house on the open market but still want to get on the property ladder.
An initial share is bought (usually 25% to 75%) and then rent is paid on the remaining part. To qualify for shared ownership, you must be unable to afford a home on the open market and you must not earn more than £80k per year. Some schemes also require a local connection.
Two other council-owned sites, in Hellifield and Settle, have been identified as suitable for shared ownership housing, and are currently in the planning process.
If anyone is interested in finding out more about shared ownership housing, please email email@example.com
Craven District Council’s first shared ownership scheme opened in Burnroyd Avenue, Cross Hills, in 2017, followed by a scheme in Glusburn and another in Sutton in Craven.
Laura Paterson, 23, bought a shared ownership home three years ago – a brand new two-bedroom house in Glusburn.
She paid £69,975 for a 50% share. Laura said: “That was the most I could afford at the time. Even that’s hard to do when house prices are as high as they are locally! It’s a shared ownership property but without this scheme, I would never have been able to get a foot on the property ladder.
“There is rent to pay on the half I don’t own and you need to watch for that, but together, the rent and mortgage payments are far less than I would have to pay if I’d bought 100%. And I only needed a small deposit, which really helped.
“Some people are not keen on shared ownership, but I’m not really sure why. All I know is that without it, I would still be living at home, or privately renting. Instead I have a brand new, energy efficient home that I can afford.”
Laura’s 50% stake has now grown and she has been able to save money by buying a shared ownership property. She is now planning to sell and move to a bigger property with full ownership.
“I’m now ready to move on thanks to the money I have been able to save by buying a shared ownership property,” she said.