Rents and prices

You’ll have realised by now (yes?) that living in ChaCo means a lot more than just moving into a new house. It’s like discovering that your family’s a lot bigger than you thought it was! But if that hasn’t put you off, what about price? Could you afford to live there?

Affordable rents?

Rents in Chapeltown are already a lot lower than in other parts of the city. If you’re looking to rent your unit, none of our rents exceed the limit for Local Housing Allowance support. If possible, we will bring them down to a level that’s officially ‘affordable’ in the sense that they’re no more than 80% of the typical ‘open-market rents’ for this area (see ‘Target rent’ column). However, until we get the prices back from the building contractors – maybe in October 2017 – we won’t know how much scope we’ll have to reduce the rents.

Housing type Monthly rent Target rent LHA max 2016
1 room in shared house of 5 £271 £256 £271
1-bed flat £437 £380 £437
2-bed duplex
(above 1-bed flat)
£532 £445 £532
3-bed duplex
(above 1-bed flat)
£658 £530 £658
3-bed house £658 £530 £658
4-bed house £712 £570 £869

Shared ownership

Nobody in ChaCo will own their unit outright: the co-operative will retain ownership of at least 5% of every property, to discourage speculation. Nobody’s likely to join ChaCo in order to get rich… But our shared ownership scheme allows you to buy as much of your unit as you can afford (up to that 95% limit) and pay the balance as monthly rent.

The table below shows how this works out for 50% ownership and 95% ownership – but these are just two of the possibilities.

    50% ownership 95% ownership
Housing type Nominal value 50% purch. price Monthly rent 95% purch. price Monthly rent
1-bed flat £75,000 £37,500 £218.50 £71,250 £21.85
2-bed duplex
(above 1-bed flat)
£105,000 £52,500 £266.00 £99,750 £26.60
3-bed duplex
(above 1-bed flat)
£140,000 £70,000 £329.00 £133,000 £32.90
3-bed house £150,000 £75,000 £329.00 £142,500 £32.90
4-bed house £175,000 £87,500 £356.00 £166,250 £35.60

Common-house contribution

Finally, whether you’re renting or in the shared ownership scheme, every adult member of ChaCo will need to contribute to the cost and maintenance of all the shared facilities, including things like the common house, the garden and maintenance of the communal areas. This will replace the membership fees charged during the development phase: the charge will be related to household size, income and wealth, with the least well-off paying the smallest amount. Our aim is to spread the costs fairly and to minimise the chances of putting ChaCo beyond the financial reach of anyone who wants to live there.

Use the calculator below to see the total proposed common-house charge for your household. (These figures may change in future, but we will attempt to keep this calculator up to date.)

Note: This calculator is purely for your own information. None of the data you enter here will be collected by ChaCo.

1. How many will be living in your household?

EQ factor: 0.67

2. Please select your household wealth band

Total household assets (savings, shares, property minus debts/mortgage). This would not include pension pot funds.

Wealth band:

3. How do you want to specify your household income?

4. Please select your household income band

Total household income after tax, national insurance and deductions. This would include all benefits apart from those designed to pay for additional costs (Personal Independence Payment, Disability Living Allowance, Attendance Allowance, Adoption Allowance, etc)

Income band:

Your household's total common-house contribution is £ per month

NB: Until we move in, Full Members pay at least half this amount as a subscription.

Ethical investment opportunity

Your capital is a catalyst. If you’re interested in making an ethical investment and seeing your money become bricks and mortar in our pioneering project, please consider our Loanstock Offer.