City council help buyers get a foot on the ladder
ELY first-time buyers facing little hope of getting on the property ladder are being given a helping hand by the city council. Its shared equity scheme is designed to meet the housing needs of local people who are unable to afford a home of their own in t
ELY first-time buyers facing little hope of getting on the property ladder are being given a helping hand by the city council.
Its shared equity scheme is designed to meet the housing needs of local people who are unable to afford a home of their own in the commercial housing market.
Properties are sold on an equity share basis whereby the purchaser owns up to 76 per cent of the property and pays a nominal charge to the council to cover rent and administration charges.
To qualify for the scheme buyers must satisfy at least one of the following criteria:
# They must live in the parish of Ely, Chettisham, Stuntney or Queen Adelaide.
# They must work in the parish.
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# They must have close relatives living in the parish.
Their income must also be insufficient to enable them to buy a home in the commercial housing market.
The council has a waiting list of prospective purchasers and when one of its shared equity homes comes up for sale it is offered to the next buyer on the list.
There are 54 properties at Larkfield Road and Ramsey Road, Ely.
INFO: To find out more about the scheme contact Tracey Coulson, clerk to Ely City Council on 01353 661016.