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Councils allowed shared ownership to deliver affordable housing
The scheme, 'Let’s Share’ was launched by Heylo Housing and will allow social housing providers to acquire 40 per cent shares in properties at 60 per cent of open market value (OMV) via 125 year market standard shared ownership leases.
The respective local authorities will receive blanket consent from Heylo, allowing them to sub-let properties to tenants on terms of their own choosing.
Nicholas McAlpine-Lee, CEO of Heylo, said: “Let’s Share brings the affordability benefits of a shared ownership solution to local authorities and housing associations looking to maintain a supply of new rented affordable housing delivery.
“The local authorities and housing associations buying a share have effective full ownership, just like any other shared owner. The embedded discount and shared ownership offer results in a much lower cost of delivery than traditional Section 106 rented stock.”
Heylo claims that buying a 40 per cent share at 60 per cent of OMV and paying low rent at around 2.75 per cent will maximise financial resources and maintain delivery.
The proposal intends that future social housing providers can sell their share and realise the value from the embedded discounts, including any increase in the value of their share.
The CEO of Heylo added: “Based on a £160,000 property this means that local authorities and housing associations can acquire a single unit of Section 106 affordable housing for 24 per cent of open market value, just £38,400, and cover their costs (the Let’s Share rent, their own management and any maintenance) through sub-letting at a rent of less than £97 per week.'
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