The City of London is committed to helping key workers in
the Square Mile find affordable housing. It explains how
to register with us and details some of the options available. The
City of London is promoting a number of initiatives for low cost
ownership and rented housing to help meet the needs of key workers
who are experiencing difficulty when looking for housing in
London.
Who is a key worker?
To qualify as a Key Worker you must work in one of the following
sectors within the Square Mile.
- Emergency Services
- Health
- Education
- Public Transport
- Local Government
- Prison and Probation staff
How do I register?
Housing application forms are available from the Guildhall or by
telephoning 020 7332 1654. If you meet the above criteria, your
name will be placed on our list of key workers requiring housing.
We can then nominate you for our own housing and also housing
provided by housing associations. If you work in the City but not
in one of the public sectors above you can still register for
Council housing but you will not be eligible for the special
schemes aimed at key workers.
Applicants who owe the City of London rent or service charges
for a residential property that they have previously lived in
cannot join the register. Special conditions apply to those who own
their home. Please contact the Housing Options team if this applies
to you.
The schemes in detail
Homebuy
You must be registered with this authority to qualify for
Homebuy. Homebuy is a Government backed scheme
for people who cannot afford to buy a home outright.You find the
home of your choice and arrange a mortgage for 75% of the cost. A
housing association will give you an interest free loan for the
other 25%. When you sell the house it is valued independently and
you have to pay the housing association 25% of this valuation. If
you don't move, you don’t have to pay anything back and no interest
is charged on the housing association share.
The money available for Homebuy each year is limited
and therefore not everyone will be able to take advantage of this
scheme.
Cost limits apply to this scheme and will depend on the area
where you buy. For 2004 the maximum you can pay for a two bedroom
house is between £125k to £180k and up to £220k for larger
properties. The limits are lower in some areas of London. You will
normally need to have at least £2000 saved to cover the costs of a
valuation, mortgage arrangement fee, solicitors' fees, stamp duty
and removal.
Shared Ownership
Shared Ownership is a scheme where you part rent and part buy
your home in conjunction with a social landlord, normally being a
housing association. You can enter the scheme by purchasing as
little as 25% of your home. You have the full duties and
obligations of ownership as regards property maintenance even
though only part of the equity has been purchased. Shared ownership
is affordable at lower income levels than needed for outright
purchase. Initially a maximum of 75% of the equity can be
purchased. After one year you can purchase increased shares
provided you have the income to sustain the increased mortgage.
You will normally need to have at least £2000 saved to cover the
costs of a valuation, mortgage arrangement fee, solicitors' fees,
stamp duty and removal.
The table below shows estimated costs and income required for
the shared ownership purchase of a property valued at £101,000.
| % purchased |
25 |
50 |
75 |
| Estimated monthly costs |
£478 |
£578 |
£678 |
| Minimum annual income required |
£17,200 |
£20,800 |
£24,000 |
Housing Options
The City of London has gone into partnership with Housing
Options to give you more choice in housing.
If you’re working and looking for ways to get onto the property
ladder or to rent a quality home in East London, there is a new
service available which is designed to take the strain out of
making that first move. Housing Options offers a single point of
contact for those looking to buy or rent in the area. With Housing
Options you simply fill in one application form to gain access to
information about available homes to buy or rent across the whole
of East London.
Shared Ownership:
- Apartments and houses available on a part-buy, part-rent
basis
- Buy what you can afford now
- Make that first step onto the housing ladder
- Attractive, quality properties
Intermediate Rent:
- Cheaper than conventional private renting
- No registration fee
- Quality homes
- Well managed properties through not-for-profit Housing
Associations
You can find out more at
www.housingoptions.co.uk
or by calling 0845 230 8099. You can also call the Allocations Team
on 020 7332 1654/1237/1804 for more information or to make an
appointment.
Renting
If you wish to apply for accommodation on our estates, please
click here for our
housing application form and supporting information.
Central London shared ownership scheme
As a key worker, you may be eligible for a shared ownership scheme
with the Notting Hill Housing Group. 25% shares are available, and
after 12 months you have the option to become the outright
owner.
Key worker living
In March 2004 a new 'Key Worker Living' programme was launched
by the Deputy Prime Minister to help retain the skills needed by
workers in front line public services,eg education, health,
emergency services. 'Key Worker Living' offers various options
including equity loans of up to £50,000 towards buying a home;
higher equity loans of up to £100,000 for some London school
teachers; shared ownership of new properties; intermediate renting
at subsidised levels. Those eligible for help include: Nurses and
NHS clinical staff, Teachers, Police, Prison staff and Social
workers.
For further information and to see if you qualify for this
scheme please visit the
key worker living website.
If you have any questions, please contact a member of the
Allocations Team on 020 7332 1654 or 020 7332 1237.
Housing opportunities
Accommodation is available for key workers with London Strategic
Housing, in Homerton, E5 and Archway, N19. Properties are cluster
flats of ensuite studios suitable for single people. Rent ranges
from £253 - £408 per month and one month's rent is required in
advance as a deposit.
Further information about these studio flats