First time buyers can buy property 'for just £3,300'

12-Jul-2007

A new deal offering first time buyers the chance to buy property for a net cost of £3,301 has been launched in an effort to help more struggling would-be homeowners into the market.

The Ancoats Urban Village in Manchester will see 30 units being completed in September 2008, with 22 one and two bedroom apartments currently available.

The offer sees a 15 per cent discount being offered in comparison to market values, with borrowers able to see a significant chunk of their expenditure returned to them after completion.

A ten per cent deposit on exchange will be levied via five per cent cash and a five per cent bond option, Assetz has said.

But the provision of new homes will not necessarily resolve affordability problems while property speculators still exist, the Campaign to Protect Rural England [CPRE] has advised.

"These new homes are being bought and end up in the hands of buy-to-let investors or speculators, so that is no good for anyone," commented the CPRE's planning campaigner Paul Miner.

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