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07
Aug 2020
Harrogate Borough Council is planning to buy 52 homes at the Castle Hill Farm development on Whinney Lane.
In a report due to be discussed by the council's cabinet next week, the council says the homes would cost £4.5m in total.
Sixteen homes would be transferred to HBC's housing company, Bracewell Homes, to be sold under shared ownership, and the rest would be made available for social rent.
Developer Stonebridge Homes has planning permission to build 130 homes at the site. Work is currently under way and the first homes are scheduled for completion in November.
HBC says it could recoup between £1.18m and £2.37m from the 16 shared ownership properties, with the council turning a profit on the purchase after at least 13 years thanks to the rental income.
The council said the shared ownership homes will support first-time buyers in the district.
The council also believes the purchase would help ease demand for socially rented homes as there are currently 1,249 households on the waiting list.
However, the council warned there is "uncertainty" over the medium- to long-term future of the housing market as estate agents in the district report a "pent up" demand for housing following the easing of lockdown restrictions.
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