First time buyer scheme launched in Birmingham

26-Jun-2007

Developers have announced the launch of a new initiative aimed at providing affordable housing to first time buyers in the Midlands.

Crest Nicholson has said that its First Time Buyers Initiative (FTBI) will allow buyers to purchase homes for as little as £71,250, despite average UK prices now reaching £180,000.

The project, created by national regeneration agency English Partnerships, sees the agency part-fund the purchase. However, buyerswill not have to pay rent on the outstanding share, instead paying incremental monthly fees to English Partnerships after four years in the property.

"With the FTBI now available for the first time in Birmingham city centre at Park Central, buyers will find it easier than they ever thought possible to purchase their very own 'city living' apartment," advised Crest Nicholson sales and marketing director Ian Plumley.

"The FTBI has been designed to be widely accessible and flexible, so not only will a high proportion of first time buyers find they are eligible to benefit from the scheme, the assistance they receive will also be tailored to suit their own financial circumstances," Mr Plumley added.

The news follows the announcement of a similar first time buyer scheme in Liverpool, based on properties that have remained vacant for long periods of time.

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