Persimmon helps first-time buyers get a foot on the property ladder
19 July 2023
Thirty-eight brand new apartments at Persimmon’s Germany Beck development in Fulford will be transferred to Yorkshire Housing, the biggest housing association based solely in Yorkshire.
The apartments will be made available through shared ownership and rent-to-buy schemes, providing an opportunity for those new to the open market to take the first step towards owning their own home.
For those who are first-time buyers, shared ownership is a helpful option to get on the property ladder by purchasing a property in partnership with organisations like Yorkshire Housing.
Using the shared ownership method, private buyers own between 10% and 75% of their home with a partnering housing association owning the other portion. The buyer’s share is usually covered by a mortgage with the buyer paying rent on the remaining part. They can buy more shares in their home from the housing association until they own 100% of the privately owned property.
Rent to buy is another route to owning your own home. It allows potential buyers to rent a home for up to five years with a 20% discount on their rent so they can save for a deposit. After 5 years they have the option to buy the home.
This initiative to help private first-time buyers is in addition to the 229 homes being transferred by Persimmon to housing associations on Germany Beck more widely for social rent and discounted sale.
Commenting on the handover, Councillor Michael Pavlovic, Executive Member for Housing, Planning, Safer Communities and Community Cohesion, said: “I’m pleased to see these homes being made available for shared ownership, giving local people the opportunity to get onto the housing ladder.
“Given York’s affordability problem, it’s vital that there are options such as shared ownership, something we hope to see a great deal more of once York’s Local Plan is adopted. We hope key workers, in particular, will benefit from this option.”
Joel Frank, Land Director Persimmon Yorkshire, said: “We’re delighted to have worked with Yorkshire Housing to support first-time buyers to get onto the property ladder here in York.
“Shared ownership provides another helpful way for young and first-time buyers to buy their first home.
“With its excellent transport links and access to local amenities, we’re sure that these properties at Germany Beck will prove extremely popular with homebuyers.”
Kathryn Gare, Head of Acquisitions, Yorkshire Housing commented: “We’re delighted to be working with Persimmon to deliver these homes in Fulford which will help meet the demand for quality homes in the area.
“The development gives more people the chance to have a place they’re proud to call home. There’s a need for more affordable homes across Yorkshire, and this scheme takes us a step closer to reaching our target of building 8,000 new homes across the county.”
To find out more about Germany Beck, visit the development page here.