Appeal to public to help group buy their first home

Fri, 15 Jul 2016

Appeal to public to help group buy their first home
A group of six prospective first-time buyers have formed a housing cooperative, as they appeal for public help to purchase their first home.

The Kindling Housing Cooperative is hoping to receive donations from the public, via a crowdfunding campaign online, in addition to raising £10,000 from investors, who will see a return of as much as 3 per cent if they pledge £5,000 towards the group's first home.

Rising rent costs have caused the members of the group to consider alternative options, but they found a roadblock in the form of a lack of affordable housing in Oxford. The city is the least affordable location in the UK, with property prices being 16 times more than the average earnings of people who live in the city.

33-year old Hannah Smith, a member of the group, said: "The agent I rent through is increasing our rent by £150 per month this year. While rents are rising and house prices in the area shoot up, the co-op model seems like a way forward."

Ms Smith and the group hope to buy a house in east Oxford, and develop an affordable housing model which offers security to members, building up a network of housing cooperatives across Oxford.

Peter Kemp, a professor at the Blavatnik School of Government, said: "It might work well provided the co-op's rules are well structured and the members can successfully find the investors to fund it. By itself it won't tackle the underlying problem of insufficient new housing supply."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.


Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy

Get in Touch