Shared equity scheme to help Newham residents get on housing ladder
A shared equity scheme which will provide more than 1,200 affordable homes for hard working families has been introduced by Newham Council.
Newshare, the council’s shared equity programme is designed to help hard working families who may not be able to afford a large deposit or the costs of purchasing a property on the open market, to buy their own home.
Initially the programme, which consists of three different housing offers, will deliver 1,220 homes consisting of 371 one bedrooms, 570 two bedrooms and 279 three bedrooms. However, there is scope for the scheme to grow even further. Anyone living or working in the borough is eligible for the scheme.
The initiative follows a successful pilot which saw a small housing development called The Sherwoods built on Prince Regent Lane. It consisted of six properties built on the site of a derelict public house. The scheme provided homes bought by working families using shared equity.
Newham Council currently has around 21,000 people on the housing waiting list, one of the largest in the country.
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Newshare will help to increase the number of homes available as existing council tenants and Newham residents on the waiting list will be given priority to buy a Newshare property. If council tenants purchase a home on the list, their vacant property will become available to someone else on the waiting list.
The scheme will also increase the total volume of affordable housing in the borough as for every three empty council properties which are transferred to the new scheme the council will be able to build or buy 12 further new homes to offer for shared equity.
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Sir Robin Wales, Mayor of Newham said: “With this scheme, I want to help residents into home ownership which is becoming increasingly out of reach for many households. Helping residents to buy their own home will encourage them to settle in the borough and really get involved in the life of the community.”