Heylo Housing, a joint venture with Lancashire County Council, has launched a solution for Local Authorities and Housing Associations that can deliver better than 'like for like' replacements of properties sold under Right To Buy or vacant higher value disposals.
Let's Share, which can now be used for new build or second hand properties, brings the affordability benefits of shared ownership (where customers only buy part of a property but have access to the whole unit of housing) to Local Authorities and Housing Associations.
With a low annual rent on the unpurchased share of the property and blanket agreement for sub-lease these public bodies can then let the property and address local housing needs on whatever basis they decide.
Nicholas McAlpine-Lee, CEO of Heylo Housing said, "We have developed Let's Share to ensure that the supply of affordable housing in local communities is not just maintained but improved. With the ability to buy properties in the second hand market, Let’s Share allows capital receipts to be reinvested very quickly relieving budgetary pressures from temporary housing."
Going forward, Local Authorities and Housing Associations have full control over their lettings strategy and asset management on a property by property basis - with the added bonus that a sale of their share is still affordable housing supply in the form of shared ownership to customers.
More information is available at www.LetsShare.org.uk