Here’s a wierd twist: Leeds council has bought ten houses to rent out in their own version of shared ownership.
Local people who can’t afford to buy at the moment rent the houses at a below market rent. They then either buy out in one go or buy shares similar to an RSL shared ownership scheme.
More info here: Council puts forward rent to mortgage plan.
RSLs have had their fingers burnt of late with shared ownership so it’s something of a surprise to see a council giving it a go. Are property prices in Leeds low enough to minimise the risk to the landlord? But if so why the need for a shared ownership model at all?
I must admit I’m a bit baffled. Still, if it doesn’t work out for the new residents they can always take advantage of the Government’s Mortgage to Rent scheme.