Affordable homes at the works

As well as breathing new life into one of York’s most famous institutions, the Cocoa Works will also be notable for the high proportion of affordable homes it will bring to the city, continuing Joseph Rowntree’s l egacy of social value.

Statistics show that between 2019 and 2021, only 61 homes in York were available through low-cost home ownership, while 84 apartments (30 per cent of the development’s total) will be made available this year alone through shared ownership.

Prospective buyers will therefore be able to own a part of York history for a deposit of as little as £3,550 for a onebedroom apartment based on a 35 per cent share.

Shared Ownership allows buyers to purchase a share of the property between 35 per cent and 75 per cent, and pay rent on the rest, making it an affordable option for first-time buyers, who can gradually increase th eir owned share up to 100 per cent over time.

Advantages of this form of ownership include affordable deposits, which are usually five to 10 per cent of the purchased share, a mortgage only being needed to cover the price of your share, and the ability to defer stamp duty, normally until the owned share reaches 80 per cent.

Richard Cook, group development director at Latimer, said: “As we u sher in a new era at one of York’s most famous locations, we are committed to honouring the Rowntrees’ legacy, with our ethos at Latimer centred around delivering more for our communities.

“This is why we are ensuring that a significant number of these fantastic apartments are available to people through affordable oeans, hugely boost ing the shared Ownership provision in York as a whole.”

The marketing suite at The Cocoa Works is located on Haxby Road, York, with apartments available to view by appointment only.

To learn more about The Cocoa Works, and the affordable routes to ownership, please visit the website or telephone 01904 390301.