Shared ownership development in Ascot opened by Mayor - 11/11/02
The Worshipful the Mayor of The Royal Borough of Windsor and Maidenhead Councillor Leo Walters was present at the opening of Paddock House, a brand new development of flats for shared ownership, which took place on Friday 8 November at 11am. The flats were formally opened by the Mayor and TVH Chair Michael Barrott. The development, which was built by Thames Valley Housing and Kingsoak Thames Valley, in partnership with the Royal Borough of Windsor and Maidenhead, is at Burleigh Road, on the site of the former Royal Ascot Hotel.
All 22 of the 1 bedroom flats which comprise the development are for shared ownership; a scheme that allows people on low incomes to buy their first home. The buyer raises a mortgage on part of the cost; the housing association retains ownership of the remainder and the resident then pays rent on the part they do not own. The resident has the option to purchase further shares in the property at any time until they own the property fully.
Some of the flats will be allocated to key workers such as nurses, doctors and policemen.
Cynthia Endacott, Cabinet Member for Housing at the Royal Borough of Windsor and Maidenhead said, "I am delighted that we have been able to work in partnership with Thames Valley Housing to provide shared ownership accommodation. With the high cost of property in this area I welcome this initiative as it gives our younger generation a chance to get their foot on the property ladder."
Further Information
Rosalind Grozier
Communications Officer
Tel: 020 8607 0607
Email: rosalind_grozier@tvha.co.uk
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