In partnership with Westminster City Council, Dolphin Living have been applauded by the housing industry for our innovative new Westminster Home Ownership Accelerator (WHOA) programme.
The scheme which targets those who live or work in Westminster saw Dolphin scoop the title of Most Innovative Housing Provider at the recently held highly prestigious Housing Innovation Awards ceremony. The award reflected Dolphin’s work in pioneering a new scheme to help people access home ownership, who otherwise might find it difficult to accumulate the necessary savings.
The Accelerator scheme offers successful applicants the chance to take a three year lease on a Dolphin Living rental property at 65% of the market rent. This enables the applicants to save significantly more towards a deposit during this period. This deposit is then topped up by Dolphin at the end of the tenancy if they move on into home ownership. Depending on the growth of the London housing market the final deposit amassed by the applicant 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.
Each applicant must live or work in Westminster, be able to demonstrate that they have savings of £22,500 and qualify for intermediate housing in the City of Westminster. The income threshold for applications reflects the Mayoral intermediate limit of £90k.
Jon Gooding, Chief Executive, Dolphin Living comments:
We are delighted to receive this award in recognition to our innovative approach to providing both rented accommodation, but also how we’ve applied our enterprising thinking to creating affordable homeownership opportunities too.
This Accelerator is designed specifically for those who have savings, but still face local property prices being up to ten times their annual salary. On completion of the 15 year scheme, 250 Westminster households will have been able to buy a home in Greater London, and we will have 50 new flats available to provide key worker housing in perpetuity. This is why we’re doing this – our job is to create homes for workers across Westminster.
Councillor Rachael Robathan, Cabinet Member for Housing at Westminster City Council comments:
It’s great to see the joint approach we have taken with Dolphin Living has been acknowledged by the industry as leading the way in innovation and creative thinking. Working together with Dolphin, this Accelerator allows us to provide a product for working people who can move into the heart of Westminster, can find somewhere affordable to live and can leverage off this scheme the ability to buy their own home
Find out more about the Accelerator scheme at www.dolphinliving.com/accelerator