Chance to get on property ladder
by Will Davies Tenants in council properties could be one step closer to owning a stake in their own home. People looking to get a foot on the property ladder but cannot afford to buy their property outright are being given the chance to
by Will Davies
Tenants in council properties could be one step closer to owning a stake in their own home.
People looking to get a foot on the property ladder but cannot afford to buy their property outright are being given the chance to buy a share of their home thanks to a pilot scheme being run by Camden Council.
Tenants on a limited income can buy a share - as little as 25 per cent - of their home and pay rent on the remainder.
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They can then buy more as and when they can.
Unlike other shared ownership schemes tenants can receive a discount of up to �16,000 off the price of their home.
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The discount is worked out proportionately, so if tenants decide to buy 25 per cent they'll get �4,000 knocked off the full price, �8,000 if they buy 50 per cent and so on.
Cllr Chris Naylor Executive Member of Homes and Housing Strategy said: "Camden is one of the most polarised boroughs in the country, with our most deprived living cheek-by-jowl with those best off.
"We are committed to creating more constructive options like Social Homebuy so tenants who want to buy their own homes can stay in the borough rather than move away.
"Helping tenants if they want to move out of our council properties also frees them up for those stuck on our waiting list."
Tenants can get an application pack from the council's Home Ownership services on 020 7278 3920 or by visiting camden.gov.uk/housing.