Ribble Valley minimum buy-in set for a 10% increase

First published in News

THE minimum percentage buy in on shared ownership properties in the Ribble Valley could be raised by 10per cent.

Councillors on the health and housing committee are set to vote on Thursday on whether or not to increase the minimum buy in from 25per cent to 35per cent.

In a report to the committee, council housing strategy officer, Rachael Stott, said: “Over the past few years we have had increasing requests to increase the minimum percentage buy in for shared ownership units from 25per cent.

“Most of the providers have experiences that the majority of applicants, who buy in at 25per cent usually remain with just 25per cent ownership and this is uncommon for them to purchase a greater share.

“This has an effect on the viability for registered providers purchasing the units to deliver them as shared ownership.”

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