Shared Ownership Housing
- report of Tracie Seals, Affordable Housing Officer
Minutes:
In accordance with Minute No. 16(4) of the meeting held on 12th November, 2007, Tracie Seals, Affordable Housing Officer, submitted a report on shared ownership housing.
Shared Ownership was introduced by the Government to help people who could not afford to buy a home outright. A share of the property was purchased and a rent paid on the remaining share not owned. Gradually further shares may be bought and eventually the home may be owned outright.
Through enquiries with neighbouring authorities, it had been found that there was a growing demand for affordable shared ownership properties as confidence in this market built, particularly among first time buyers.
A small number of such properties had been delivered in the Borough to date with others to be delivered as the 2006-08 Affordable Housing Development Programme delivery progressed over the next 12 months.
The report set out further details on access to shared ownership properties, shared ownership eligibility and marketing, financing and the costs of buying.
Agreed:- (1) That the report be noted.
(2) That the promotion of Shared Ownership throughout the Borough be supported.
(3) That a further report and action plan be submitted in March, 2008.