£550k to help families buy first home
Twenty families in South Oxfordshire are to share £550,000 of district council cash.
Last Thursday South Oxfordshire District Council approved the funding to help around 20 local families on the councils housing register take their first step on the property ladder.
Recent research carried out for the council looked at housing needs and found 55 per cent of people on the housing register want to own their own home but 98 per cent did not earn enough money.
This scheme will help them by granting successful applicants up to a £50,000 loan towards the purchase of their home, dependant upon their personal circumstances.
Dorothy Brown, Cabinet Member for Housing said:
“We’re very happy to be able to offer a shared ownership scheme to help residents get on the property ladder. Back in 2006/07 we supported 12 such schemes and now we can support even more.”
“It’s a priority for the council to provide homes for all so we’re pleased to help make owning a property more affordable.”
Dorothy went on to tell Heart the council is worried about impending government cuts, but wanted to help these families:
"We're also worried about the fact we have so many people wanting to be housed. The council can afford it at the moment. Should it sit on the money and keep it in their bank account while they've got people who really want to be housed? So it's a matter of conscience, and our conscience lies with helping people."