Shared Ownership Could be the Key to New HomePublished Friday, 31 October 2014
A new three-bedroom home in picturesque Ribble Valley for less than £70,000 might sound far-fetched, but exactly that is up for grabs thanks to the borough council.
House prices in Ribble Valley are way above the national average – a modest family home costs around 10 times the average salary – and first-time buyers are being forced out of the communities their families have lived in for generations.
Shared ownership allows payments to be split between mortgage and rent, with ownership starting from a 30 per cent share and rising incrementally to 100 per cent.
They are particularly suitable for house-hunters with a large deposit and low income, or higher income and no deposit.
Over 60 shared ownership properties starting from as little as £68,000 for a 40 per cent share, with £233 rent on the remainder, are currently waiting to be snapped up in Ribble Valley.
Properties ranging from one-bedroom apartments to four-bedroom family homes, as well as two-bedroom bungalows, are currently available at Lune Road and Low Moor Gardens in Clitheroe; Petre Wood, Langho; Brown Leaves Grove, Copster Green; Water Meadows, Longridge; Whalley Road, Billington, and Barrow Brook Grange, Barrow.
Rachael Stott, Ribble Valley Borough Council’s housing strategy manager, said: “The provision of affordable housing is one of the biggest challenges facing the council and we are working closely with housing associations to address this problem.
“Shared ownership is an ideal way for some residents to access the housing market and the standard of the properties is usually very high.”
Working mum-of-two Joanne Simkin purchased a 55 per cent share of a new three-bedroom house at Low Moor Gardens, Clitheroe, and pays just £175 per month rent on the remainder.
She added: “Shared ownership allowed me to purchase a three-bedroom house, which I could not have done on the open market. We love our new home, which is on a nice development and perfect for my children.”
Anyone interested in a shared ownership home should contact Ribble Valley Borough Council’s housing team on 01200 414567.