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New Camden scheme to get tenants on the ladder
A Camden Council scheme to help council tenants get a foot on the housing ladder is being piloted across the borough.
Council tenants are being given the chance to buy a share of their home under the Social Homebuy scheme, which provides new opportunities for tenants who cannot afford to buy their property outright.
The scheme allows secure tenants on a limited income to buy a share, as little as 25 per cent of their home and pay rent on the share they do not own. Tenants can then buy more as and when they can.
But, unlike other shared ownership schemes tenants can receive a discount of up to £16,000 off the price of their home. The discount is worked out proportionately, so if tenants decide to buy 25 per cent, £4,000 is taken off the full price.
Councillor Chris Naylor, executive member of homes and housing strategy, said: “Camden is one of the most polarised boroughs in the country, with our most deprived living cheek-by-jowl with those best off. We are committed to creating more constructive options like Social Homebuy so tenants who want to buy their own homes can stay in the borough rather than move away. Helping tenants if they want to move out of our council properties also frees them up for those stuck on our waiting list.
“So I am delighted that we are able to offer our tenants this new scheme. Social Homebuy is perfect for tenants who can’t buy their home outright but want to step towards owning their own home.
“In the current climate many of our tenants are struggling to get onto the property ladder, even though prices have come down. Through this scheme secure tenants get a more affordable route to home ownership."
Tenants can obtain an application pack by contacting the Council’s Home Ownership services on 020 7278 3920 or visiting www.camden.gov.uk/housing.
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