Harrow Council has won £250k to put towards building ten three bedroom shared ownership homes on Council estates in the borough, beginning in 2014.

The funding comes from the Mayor of London's Housing Covenant, a £100 million fund made available to deliver intermediate homes in London by March 2015.

The planned homes will be affordable to households earning up to £64,300 per annum (£77,200 per annum for families needing three or more bedrooms).
Harrow's scheme will target existing council tenants typically living in 2 bed flats, who wish to move to 3 bed houses. Successful tenants will be offered a minimum of a 25% share in their new home and they will need a much smaller deposit than would normally be needed when buying a property on the open market. The Council will work with successful tenants during the building period to make sure they have the necessary savings for the deposit when the properties are ready (anticipated March 2015).

The Council also proposes to involve successful tenants in the design of their new home and overseeing the building process.

As well as offering tenants the opportunity to buy a new build family home in their local community, rather than having to move away, it also frees up a home for letting to a homeless household or others in priority need.

Work has already begun to advertise the project and interest from prospective applicants has already been registered. Existing Council tenants interested in applying can still contact Damien Lynch on 020 8420 9228 or see www.harrow.gov.uk/homeseekers and see the "low cost home ownership" button for more information.

Harrow Council's Portfolio Holder for Housing, Councillor Bob Currie, said: "I'm delighted that Harrow has received this much needed funding. Supporting those people most in need is a top priority for the council, and this news comes at a time when many of our residents will be hit hard from welfare changes which could affect where they choose to live."