Winchester City Council to invest £15m in property under new scheme

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A COUNCIL is bidding to boost its funds and help the purchasing of homes for buyers with a new open-market shared ownership scheme.

Winchester City Council, which covers Whiteley, Denmead, Wickham and Bishop’s Waltham, has unveiled proposals for the new scheme and to create a strategic acquisition strategy.

Under the plan, the council will support people by providing equity to buy a property in the district for those who do not have the substantial deposit required for a house.

The authority will charge a rent on the deposit element and normally own 30 per cent of the property while the household will own 70 per cent of the property.

It is a similar scheme that has been adopted in Portsmouth and Fareham and the household could buy the council out of its share in the future.

The council will invest up to £15m in property after full council gave the plans the go-ahead at a meeting on Wednesday.

Councillor Caroline Horrill, leader of the council said: ‘A new entrepreneurial approach is essential to delivering financial stability for the council and these initiatives are key elements.’