MORE than half of the homes at a new 'shared-ownership' development in Bicester have now been snapped up since they came on the market last month.

Cherwell District Council has created the 42 apartments at Gardeners Close estate in conjunction with a housing developer.

Under the scheme, the council splits the cost of mortgages on the properties with the new homeowner, and says buyers of two-bedroom apartments can save up to £135 a month compared to the lowest cost of renting privately.

So far, it said, 72 per cent of the homes had gone to people from Bicester and nearby villages.

Located opposite Bicester Village station, the two-bed apartments are available from £220,000 and can be bought with a 50 per cent share. That means flats could be purchased with a £104,500 mortgage and a deposit of £5,500. Owners pay rent on the remaining share with the option to gradually buy the shares outright over time.

The council is reinvesting income from Gardeners Close in other affordable developments.

So far the team has created 260 properties including affordable rent, shared ownership options and 60 supported housing units for people with learning and other disabilities.

Further information about the apartments and the shared ownership scheme is available on the Help to Buy South website where people can register their interest in Gardeners Close helptobuysouth.co.uk