Since launching “Your Home” less than a year ago, Heylo Housing (“Heylo”) has recently provided its 50th ‘do it yourself’ shared ownership (“DIYSO”) home.
Available exclusively from Heylo, “Your Home” helps individuals and families get on the property ladder in an affordable way. Customers have the choice of almost any second hand property for sale anywhere in England and Wales.
With just a 10% cash deposit customers can part-buy, part-rent via a shared ownership lease. In addition to not needing a mortgage they receive 75% of any increase in the value of the part of the property they did not buy.
The average customer deposit of the 50 DIYSO homes delivered to date has been £43,000 – representing a 16% share of an average £270,000 property price.
The properties acquired have been almost all 3 bedroom homes and the majority of Your Home customers had previously been living in private rented accommodation as they were unable to raise a mortgage to buy the size of property they need in the area they want to live.
Nicholas McAlpine-Lee, CEO of Heylo said “We have been careful to market Your Home through limited channels during its first year to ensure the customer proposition and buying process works as smoothly as possible. We have been delighted by the customer response and given this success we have now expanded the Your Home offer to include leasehold as well as freehold properties.”
Your Home addresses a gap in the shared ownership market for people wanting to part-buy, part-rent a second hand property. Once approved, Your Home customers have full control over the home buying process with the benefits of Heylo standing behind them as a cash buyer.
Nicholas McAlpine-Lee again; “Not only are we building a pipeline of Your Home applications to deliver more than 150 shared ownership homes in the next 12 months, we have expanded the DIYSO offer to Local Authorities and Housing Associations looking to replace lost stock via street property acquisitions funded with Right To Buy Receipts. We hope that this variation, called Let’s Share, will help solve the 1-for-1 replacement challenges of rented affordable housing evident across a number of Local Authorities today.”
Formed just 2 years ago Heylo is a joint venture with a leading local authority backed by pension fund investment. Already active in over 80 Local Authorities, Heylo currently provides over 800 shared ownership homes and has one of the largest shared ownership delivery pipelines in the UK via its Your Home, Home Reach and Let’s Share brands.