Village scheme to help young families and key workers

12-Apr-2006

Around £1.9 million is to be spent on a new affordable housing site in Penistone, aimed at easing the housing crisis in the area.

The properties will be available to young families and first time buyers in the village, helping local families to stay despite the rising house prices.

As well as encouraging young families into the property market, the site also hopes to provide key workers such as teachers and plumbers with affordable housing, reports Sheffield Today.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker.

Shared ownership deals will be offered on most of the new houses, allowing aspiring homeowners to purchase 25, 50 or 70 per cent of the property under Equity Housing schemes.

"Prices in Penistone have soared and a lot of youngsters born and bred in Penistone are being forced out of town," explained councillor George Punt.

"Families are important with regard to raising children and instilling values… these affordable houses will enable some of our young people to remain within the district."

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000

Final approval of the scheme will be decided this week and work on the properties is expected to start later this year, news which will be welcomed by those who cannot currently afford the average prices in the village.

Mortgage lenders have risen to the challenge of creating a growing number of options for first time buyers.

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