Equity housing respond to questions
Tuesday, February 7, 2012 at 8:58AM Our thanks to Lynn May for putting the following questions to Equity Housing, who replied swiftly and apologised for not coming to Saturday's meeting.
- What is your definition of “affordable” housing? (I appreciate that the selling price may be subject to the housing market at the time of sale but I assume you can give a minimum figure.)
- The properties will be developed for Shared Ownership. Shared Ownership is primarily aimed at first time buyers but can include current home owners in exceptional circumstances such as relationship breakdown etc. Under the terms of Shared Ownership, we can only sell an initial share in the property of between 25-75%. You are correct that on most schemes, the purchaser can staircase out to 100% should they have a change in circumstances and be able to afford to, however given this is a designated rural exception site, the maximum share that a purchaser can buy through staircasing is 80%. At present, we estimate that the full open market values will be in the range of £150-175,000. Clearly this is just an assumption used for financial appraisal purposes and this will be set much closer to the point of release. Our funders insist that we go to market with an independent valuation no more than 3 months old.