Unlocking opportunities for affordable homes

Unlocking opportunities for affordable homes

2018-04-10T11:05:43+00:0010th April 2018|B&NES|

Advice on low cost home ownership options will be available when Bath & North East Somerset Council holds an Affordable Homes Show in the Community Space, Keynsham.

People living across Bath and North East Somerset are being invited to drop in on April 12 between 2pm and 7pm to find out more about the different affordable home ownership options available in the area.

Officers from local housing associations will be on hand to advise on properties and people can get free, independent mortgage advice to help them make choices about the opportunities they might like to follow up.

Councillor Paul Myers, (Conservative, Midsomer Norton Redfield) Cabinet Member for Economic Development and Community Regeneration, said: “Delivering more affordable homes is one of our top priorities, and I would like to encourage anyone considering buying their first home to attend this event.

“We recognise how hard it can be to buy a home so we are working hard to deliver affordable housing options for households who do not necessarily need a social rented home but who cannot afford to buy a home on the open market.”

The low cost home ownership options being promoted on 12 April are available to households earning £60,000 and below and who live or work in Bath and North East Somerset. The council’s affordable housing register, Homesearch, is now accepting applicants interested in home ownership and will be advertising affordable homes to buy. The Homesearch team will be available to help people register on the day.

Over the past 12 months there has been around a 12% increase in the average price of buying a home in Bath and North East Somerset and today the average price of a home is £418,300. This means that someone with an 80% mortgage will need to be earning in excess of £68,000 to be able to comfortably afford their mortgage. Even the lowest price homes have an average sales value of £247,200 and will require an income of £40,000.

Housing associations, developers and private providers are building or delivering more than 263 affordable new homes for sale in the next five years and even existing home owners can take advantage of Government grants to help them move into a brand new home.