First time buyers offered property discounts

26-Jun-2007

First time buyers in Liverpool looking for an affordable way of securing their own property will be offered discounts of 25 per cent on the purchase price of some homes, it has been revealed.

Riverside Housing is making the offer on properties that have stood vacant for extended periods of time. The firm says that its Own Place scheme will see the properties done up before being offered to first time buyers at a reduced price.

The grant will only have to be repaid if buyers move out within five years of purchase, Riverside noted. Buy-to-let landlords will not be allowed to take part, the firm added.

"Not only does Own Place offer affordable housing for low income households who wouldn't otherwise be able to get on the property ladder, but by incentivising economically active households to settle in these neighbourhoods we are also promoting community cohesion and stability and diversifying the mix of tenure," commented director of policy and communications Hugh Owen.

Buy-to-let landlords are responsible for pushing up house prices and preventing first time buyers from purchasing their own homes, Chartered Institute of Housing vice president Paul Diggory claimed at the weekend.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

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