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Families looking to get a foot on the property ladder will only need a £6,250 deposit to purchase their share of a three-bedroom home within a thriving community.
As part of its award-winning Build! project which regenerates redundant sites to provide affordable housing, Cherwell District Council has transformed an abandoned piece of land in Causeway, Banbury into a detached family home.
The house is available to purchase on a shared ownership basis with the future owners able to take a mortgage out on 50 per cent of the property while paying rent on the remaining percentage.
“As house prices continue to rise it is getting harder and harder for people to get that all important first step on the property ladder. Shared ownership initiatives such as this make buying a home affordable again as residents can buy a percentage of the property and increase their share later rather than struggling to find all of the money upfront.
“This house represents a fantastic opportunity for a family to purchase a spacious home in the heart of a thriving community within walking distance of the town centre and surrounded by local amenities. With just a five per cent deposit of £6,250 this empty house can be transformed into a family home and what was once a forgotten piece of land will become central to family memories for years to come.”
The property is located in the centre of Causeway and has two parking spaces provided to the side. The front garden leads to the entrance to the house and inside on the ground floor is a shower room, hallway, kitchen and open plan living/ dining room.
Upstairs are three good-sized bedrooms and a family bathroom while outside the large, enclosed rear garden includes a patio, lawned area and secure shed. Ample storage space is provided throughout the property and solar panels on the roof will generate cheaper utility bills.
The total price of the property has been valued at £250,000. As part of the shared ownership scheme, residents will purchase £125,000 of the value of the property which will require a deposit of £6,250 plus legal fees. They will then pay a mortgage on the percentage they own and rent on the outstanding share. Details of the rental price have yet to be finalised but are expected to be in the region of £210 per month.
Anyone who is interested in purchasing the property will need to be registered with the Help to Buy South website at www.helptobuysouth.co.uk For more information on this or any other Build! projects visit www.cherwell.gov.uk/build or call 01295 221615
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