LEEDS FEDERATED SHARED OWNERSHIP
Shared ownership and new homes
It can be difficult to get on the housing ladder with house prices soaring across the Leeds City Region. We want to do our part in helping tackle the shortage of affordable homes.
Shared ownership allows people to buy a share of their property (usually around 50%) and pay rent to us for the rest. The customer only needs to borrow part of the value of the home, which can make it an affordable option. This means they need a smaller mortgage and deposit than if the property was bought outright so it can help people take their first step towards home ownership.
Customers may be able to buy a shared ownership property if they:
- Are not already a home owner
- Have an annual household income before tax of less than £80,000
- Have no outstanding credit problems
- Are unable to purchase a property suitable for your needs on the open market.
Previously, many of our shared ownership homes have come from private housing developers who have to assign a proportion of their new homes to social housing, known as Section 106’s.
Leeds Federated now have exciting plans to expand its good quality homes and develop more sites of its own over the next the 10 years, that’s 1500 new homes, half of which will be shared ownership.
Greenview Mount in Gipton, Leeds, will be our first self-built shared ownership development. It will comprise of 45 new homes starting from as little as £45K for a 50% share. This exciting project will be situated near a major road network off York Road, with great transport links into Leeds City Centre and many amenities. Our start on site is scheduled for autumn 2018, with the development due to be completed in summer 2019.
In 2016 Chris Adams, a Marketing Manager for a national airline came to us looking for a shared ownership property. He was first introduced to Leeds Federated over a decade ago when he worked as a temporary gardener over a summer when he was a student at Leeds Metropolitan, now Leeds Beckett University. The experience left him with happy memories.
Chris has now purchased a shared ownership property from Leeds Federated, in the north of the city, enabling him to access the housing ladder. He is just one of over 130 Leeds Federated customers from across the Yorkshire Region, whom we have helped over the last 7 years to get a home of their own.