£60k home moves closer

10-Aug-2005

The government's affordable housing competition has moved into the next round, with nine companies making the grade and preparing to put their designs into practice.

It is hoped that the scheme will eventually offer first time buyers the opportunity to get onto the first rung of the property ladder.

Click here for our first time buyers guide to buying a property

Deputy prime minister John Prescott has launched the latest round of the competition to create a £60,000 house, with nine developers still in the running.

The government's ambition to create a house that can be built for just £60,000 - thereby enabling first time buyers to get onto the first rung of the property ladder through affordable housing - is now closer to reality, as the developers gain a chance to put their designs into practice.

Eventually it is anticipated that the competition will help elevate thousands of aspiring homeowners onto the first rung of the property ladder and into top quality affordable homes.

The current average price for a home in the UK is £120,000 more expensive than the cost of the affordable housing developments to be put into practice by the Office of the Deputy Prime Minister (ODPM) scheme.

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As such, first time buyers are eagerly awaiting the outcome of the competition.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley

Click here to see what properties are on the market in your area – whether you buy alone or with others

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