A new initiative designed to open the doors to home ownership for people on low incomes for the first time is proving a success in Wakefield.
Eight new-build homes – worth more than £1m – at the Lindale Park development at Batley Road, Alverthorpe, were made available to buy on a shared ownership basis.
Half have quickly sold – and the other four now have further incentives totalling £1,000 on offer, including £500 towards legal fees and £500 of white goods, to help moving-in even more easy.
They have been made affordable thanks to an innovative funding formula devised by Yorkshire-based Connect Housing Association, a charitable housing and support provider.
It means that the property can be bought with any percentage between 25 per cent and 75 per cent depending on financial circumstances – with the outstanding amount funded through an affordable monthly rent.
Lindale Park offers a range of quality executive homes built by Persimmon Homes. Located on the outskirts of this small town, the development has plenty of local amenities. It is less than two miles from Wakefield city centre and is just a 20-minute drive from Leeds city centre.
The properties available through shared ownership range from two-bed terraces to three-bed end of terraces, all featuring classic charm. Ownership can be secured for as little as £36,750 for a 25 per cent share, coupled with a monthly rent of £252.66.
The properties are being marketed through the Wakefield branch of Linley & Simpson, whose sales negotiator Katie Brocklehurst said: “The concept has caught the imagination of many people in Wakefield who felt that home ownership was beyond their reach.
“For those who can’t quite afford the mortgage on 100 per cent of a home, shared ownership offers the chance to buy a share of it and pay an affordable rent on the remaining share.
“It’s a flexible way of taking your first steps on the housing ladder as, later on, you can buy bigger shares when you can afford to.
“Every new property at Lindale Park showcases the very best that new homes have to offer, from high-end finishes to impressive contemporary kitchens and stylish bathrooms.
“The homes are ideally located on the development, in an idyllic position away from the main road and flow of traffic. No plots are situated on ‘through roads’ so road traffic directly outside the properties is minimal.”
Buyers can purchase a home through shared ownership if their household earns £80,000 a year or less; or are a first-time buyer, used to own a home but can’t afford to buy one now, or are an existing shared owner looking to move.