Proposal to extend 'DIY' home ownership scheme

A proposal to extend a 'DIY' shared home ownership scheme for first-time buyers in Windsor and Maidenhead is set to go before the council's cabinet on Thursday.

The scheme allows people to find a suitable affordable property on the open market and is run by the Royal Borough and Housing Solutions.

If they are accepted the housing association buy the house or flat and sell a share of it to the would-be home-owners who pay rent for the part they do not own.

There are 16 shared ownerships in operation through the initiative and more are being assessed for people living or working in the borough.

The council is proposing £876,000 of Section 106 developers’ contributions is invested, with the number helped determined by house prices and individual demand.

Discussions are also underway with the Haig Fund to open it up to ex-servicemen and women who need a helping hand toward home ownership.

Cllr David Coppinger, cabinet member for adult services and health, said: "After a somewhat slow start because of the difficult economic climate, we are now seeing an encouraging uptake by local people who want to get a stake in property ownership."

He added it was a way of widening the availability of options for low-cost home ownerships and give a 'helping hand' to first-time buyers.

He will present it to Royal Borough cabinet members at Maidenhead Town Hall.

The scheme was set up last year when £960,000 of S106 cash was invested, which was match funded by Housing Solutions.

John Petitt, chief executive of Housing Solutions, said: "We are delighted that this additional funding will help us to meet the housing needs of more people."

The shared ownership scheme works by Housing Solutions selling 35-75 per cent of suitable properties to the new home-buyers who can increase their share to full ownership.

If homes are sold in the interim the money invested is returned to the housing association from the sale price and then the money made available again for even more potential buyers.