Bath & North East Somerset Council is holding an Affordable Homes Show on 26th October in the Community Space, Keynsham, and local residents are being invited to pop along to find out more.
People living across Bath and North East Somerset are being invited to drop in between 2pm and 7pm to find out more about the different affordable home ownership options available in the area; talk with local housing associations and developers delivering these homes, and even receive free, independent mortgage advice to help them make choices about the opportunities they might like to follow up.
Cllr Liz Richardson, Bath & North East Somerset Council’s Cabinet Member for Homes and Planning, said: “Delivering more affordable homes is one of our top priorities, and I would like to encourage anyone who is working and considering buying a home to attend this event.
“The Council recognises how hard it can be to buy a home so we are working hard to deliver affordable housing options for households who do not necessarily need a social rented home but who cannot afford to buy a home on the open market.”
The low cost home ownership options being promoted on 26th October are available to households earning £60,000 and below and who live or work in Bath and North East Somerset.
The Government funded Help to Buy on new build homes will also be promoted – this is available to households earning £80,000 and below with no local connection restrictions.
Over the past 12 months there has been a 13% increase in the average price of buying a home in Bath and North East Somerset and today the average price of a home is £370,000.
This means that someone with an 80% mortgage will need to be earning in excess of £80,000 to be able to comfortably afford their mortgage. Even the lowest price homes have an average sales value of £212,000 and will require an income of £48,500.
Housing associations, developers and private providers are building or delivering over 200 affordable new homes for sale in the next 5 years and even existing home owners can take advantage of Government grants to help them move into a brand new home.