13 July 2016
Forward thinking, affordable housing provider Dolphin Living, part of the Dolphin Square Charitable Foundation, has today launched its new Westminster Home Ownership Accelerator (WHOA) programme in partnership with Westminster City Council.
Targeting those who live or work in Westminster, the scheme will help people access home ownership, who otherwise might find it difficult to accumulate the necessary savings. Dolphin Living recognise that people living in a very high value area such as Westminster are at a disadvantage to residents in outer London boroughs, who will typically have access to shared ownership and other low cost home ownership products. The WHOA programme aims to rebalance this.
The Accelerator scheme offers successful applicants the chance to take a three year lease of Dolphin Living’s rental property at 65% of the market rent. This will enable someone to save significantly more towards a deposit during this period and this deposit will then be topped up by Dolphin at the end of their tenancy and where they move on into home ownership. Depending on the growth of the London housing market the final deposit amassed by the participant could be between £43,000 and £77,000, with the intention of using this towards the purchase of a property within Greater London, either through full or shared ownership.
All properties run by Dolphin for this scheme will continue to be used for the same purpose following a tenant’s three year occupancy, so the next prospective applicant can benefit from the Accelerator in the same way.