Waveney District Council is one of only seven councils in the country to pilot a new way of helping council tenants get their foot on the property ladder.
The Council is launching a new scheme called ‘Social Homebuy’, that gives an alternative to tenants becoming homeowners through the Right to Buy. The scheme allows tenants to buy a share of their home that they can afford, and to rent the rest from the Council. If the tenants’ financial situation improves, they can choose to buy more shares in the property, until they become outright owner.
Councillor Bruce Provan, Portfolio Holder for Revenues and Benefits & Housing Management said: “I am delighted that the Council is at the forefront of this developing national policy and we the only authority beyond the large metropolitan councils, to be piloting this scheme.
“It demonstrates our commitment to offering a wide range of affordable housing options to our community. In the current climate of a growth in mortgage repossessions this scheme, which will check on the financial capability of an applicant, offers a safe alternative to getting tenants into home ownership.”
