Shared ownership bungalows available now in Mickleton
Release date: 2 September 2016
Cotswold District Council and Fortis Living are alerting local people that three brand new 2 bedroom shared ownership bungalows are now available at the Cotswold Edge development in Mickleton.
Shared Ownership is a low cost home ownership opportunity for those who want to get a foot on the property ladder but are unable to meet their housing needs on the open market without assistance. It allows people to buy a share in a brand new property on a part buy/part rent basis and pay a subsidised rent on the portion that they do not own.
The bungalows, built by Newland Homes, are available to applicants who meet eligibility criteria for shared ownership as well as the Council’s local connection criteria. Current homeowners, other than existing shared owners, are not normally eligible for shared ownership assistance.
Cllr Sue Jepson, Cotswold District Council’s Cabinet Member for Housing and Communities, believes that this is an excellent opportunity for those who are less well off to own a new accessible home in a much sought after part of the Cotswolds:
“We all know that house prices can be quite prohibitive in some parts of the Cotswolds, and I am very pleased to see these more affordable options available in Mickleton. Prices for these bungalows start at £61,500 for a 30% share, which means that, in addition to mortgage payments, a purchaser would typically pay a monthly rent of about £329 plus a monthly service charge between £18 and just under £29.
“We are always being asked why more bungalows are not being built to meet growing demand for this type of property, and we are pleased that the developer has responded so positively.”
To express an interest in these properties, applicants will need to register on www.helptobuysouth.co.uk; for further details or to find out if you would be eligible contact Fortis Living on 01684 579441 or firstname.lastname@example.org
To meet the local connection criteria, you must have either lived in the Cotswold District for the past 3 years, previously lived here for a continuous period of 5 years, currently work here and have done so continuously for the past 12 months or have family (grandparents, parents, adult siblings or adult children) who live here and have done so continuously for the past 5 years. Regardless of these criteria, we may also consider those leaving or who have recently left the armed forces.