Council’s Cabinet agrees to increase Low Cost Home Ownership offering in Carmarthenshire

2 days ago

Carmarthenshire County Council’s Cabinet has agreed to increase the Low Cost Home Ownership (LCHO) options available across the county, providing better opportunities for eligible individuals and families who want to purchase their own home but can’t afford to buy a property from the open market.

Cabinet’s decision will:

  • Ensure that Carmarthenshire County Council continues to offer a range of affordable housing products including low cost home ownership
  • Provide low cost home ownership options for young and working age people, helping them to remain in their communities and become home owners
  • To ensure that home ownership is a real possibility for residents, particularly in Carmarthenshire’s rural communities
  • To protect the Welsh language and culture
  • To enable access to home ownership which may help residents living in Council owned homes to buy their own home, freeing up social housing for those most in need

This will include the immediate introduction of Home Buy Wales through collaborative working with Registered Social Landlord Partners.

New LCHO products will also be developed for selected Council new build sites where there is a clear need, with approval sought from the Cabinet Member for Homes on a site by site basis.

All LCHO products offered will have a strict eligibility criteria. Those that qualify must be able to secure a mortgage and afford the repayments and other costs associated with buying a home. They must also have a strong local connection to the area they want to buy a home in, helping local people to remain in their communities.

Cllr Linda Davies Evans, Deputy Leader and Cabinet Member for Homes said:

We are committed to providing as many opportunities as possible for residents to become home owners by offering flexible affordable housing options to individuals and families.

Increasing the Low Cost Home Ownership offering in Carmarthenshire will also enable us to increase housing supply more quickly to meet demand.”