Shared ownership properties to be released by York Housing Association in Norton
Taking the first step onto the property ownership ladder just became a little easier for residents of Norton, Malton, where York Housing Association is releasing several brand new homes for purchase on its shared ownership scheme.
Shared ownership gives purchasers the chance to buy a proportion of a property, whilst the remainder of the home is owned by the vendor – in this case, York Housing Association. The scheme enables people who are unable to purchase a property on the open market – for example, those who struggle to raise a deposit or individuals who have an income lower than is usually necessary to afford to buy a home.
“Many people assume that you either have to rent a house or buy it, but shared ownership combines both, giving the purchaser flexibility to start with a 50% share and increase their percentage of ownership as their circumstances change – even to the point of owning the property outright,” comments Julia Histon, chief executive of York Housing Association. “These homes would be perfect for someone who wants to make their home in Norton, ideal for young families, working couples and those moving on after a relationship breakdown, as well as older people with funds available to purchase a share outright.”
The homes are part of the Honeysuckle Court development in Norton’s Westfield. Built by Persimmon to a high specification, they feature dining kitchen with patio doors onto the rear garden, a spacious living room with under stairs storage, two bedrooms and a family bathroom. Each home has a front and rear garden with a garden shed. Purchasers can pay £67,500 for a 50% share in their property.
With shared ownership properties, the purchaser can buy their share with a conventional mortgage or can buy a share outright, for example by using proceeds from the sale of an existing property. A rent on the remaining share of the property is payable to York Housing Association. The scheme is open to households with an annual income of below £60,000.
Anyone interested in the homes can register their interest by calling 01904 636061. The sales team can assist potential purchasers to access appropriate financial advice and will guide them through the whole sales process. For more details of these properties, and other shared ownership properties available throughout the region from York Housing Association, visit www.helptobuyneyh.co.uk
Alongside the shared ownership properties, York Housing Association will be managing six further homes around the Norton development which are available for affordable rent.
For further media information or photographs, please contact:
Pyper York Limited
Tel: 01904 500698