Southend Council has confirmed that the 52 flats in Richmond House will be available for shared ownership in a renewed bid to get residents onto the housing ladder.

The new flats in Victoria Avenue are already available to view to prospective shared ownership buyers.

Every one of the one and two-bedroom apartments will be offered as part of the shared ownership scheme.

Mark Flewitt, Tory councillor for housing, planning and sustainability, hopes that a specially-arranged open event, which is taking place at the Civic Centre in Victoria Avenue, opposite the development, on Thursday November 30, from 5pm to 8pm will encourage young buyers to consider shared ownership, which will allow homeowners to buy between 25 and 75 per cent of a home’s value, and pay rent on the rest.

Mr Flewitt said: “We are delighted to have aided in the regeneration of this area and look forward to the beginning of a new era for Victoria Avenue as a regenerated gateway into central Southend.

“With the recent redevelopment and refurbishment of the former library and police station, in conjunction with these housing developments that are taking shape, Victoria Avenue is becoming a real hub of activity for the borough.

Echo:

Mark Flewitt is in favour of the plans

“In these tough economic times, it is very difficult for people to even begin to think about buying their own property.

“Shared ownership offers a more affordable solution.

“I hope that local people will attend this event and see how they can be helped to get a foot on the property ladder.”

The council’s open event will be held in partnership with the housing association, Genesis.

But Independent councillor Tino Callaghan, of Prittlewell, has argued against the new scheme, which he ways will not benefit first-time buyers in Southend.

He said: “Shared ownership is now becoming a way forward in ripping people off.

“Who decides what is affordable housing? It is not helping young people in Southend.

“People who are earning only £16,000 a year cannot afford an £80,000 property, even with shared ownership. In five or ten years also, even though the value of their home may go up by 20 per cent, you will still have to pay back that money.

"The government help to buy scheme with the five per cent has to be paid back on the value of the property after the term."

Shared ownership

The shared ownership scheme has been rolled out by the Government in order to help young first-time buyers.

The scheme is available for people looking for a home to buy a share of their new home, and then pay rent on the rest of it.

Buyers are able to buy between 25 and 75 per cent of their homes and pay rent for the remainder.

They can buy new homes or existing ones through housing associations based in their area.

The Government said that the scheme will allow people who cannot afford to pay for a mortgage on the whole home to still move into the property market.

It added that buyers will have to take out a mortgage to pay for the share they want.

It has also been said that when they can afford to, homeowners can buy the rest of the share of their home in the future.

Outside of London, the scheme is available to any household with a lower annual income than £80,000. Inside London, it is £90,000.

Military personnel will be given priority above other groups to buy homes through shared ownership.

However, councils are likely to change the priority for the scheme, depending on the needs of certain groups in their district or borough.
The scheme is also available to disabled people as well as people over 55. The over 55s can buy up to 75 per cent of their home and then will not have to pay for the rest.