Royal Borough scheme to help first-time buyers celebrates anniversary

Royal Borough scheme to help first-time buyers celebrates anniversary

Reporter:

Philip Dewey

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Royal Borough scheme to help first-time buyers celebrates anniversary

Candice Kiddle, 23, with her partner Sam Lock, 24, and their son Harrison, two.

A project launched to help struggling first-time buyers to get on the property ladder in the Royal Borough is celebrating its second year.

The DIY Shared Home Ownership Scheme, launched in 2012, allows people to find a suitable affordable property on the open market and is run by the Royal Borough and Housing Solutions.

If they are accepted the housing association buys the house or flat and sells a share of it to the would-be home-owners who pay rent for the part they do not own.

Since April 2013, 15 properties have been bought. Two properties are under offer and six people on to the scheme actively looking for a property.

The council invested £960,000 of developers' contributions to help launch the scheme and invested a further £876,000 in April 2013.

Candice Kiddle, 23, bought a three-bedroom property in October through the scheme in Lexington Avenue, Maidenhead, with her partner Sam Lock, 24.

They live at the property with their two-year-old son Harrison.

She said: "We couldn't afford to get a mortgage in Maidenhead on our own so this scheme enabled us to get on the property ladder.

"We had to pay a minimum of £10,000 but we were lucky enough to be able to increase the amount of money we put in so we own the majority of the property."

She added: "One day we hope to re-mortgage the house and own the full property but it's a brilliant scheme for first time buyers."

Cllr David Coppinger, (Con, Bray), cabinet member for adult services, said: "Royal Borough housing is among the most expensive in the country and so it was important to us to find a way to help residents on to the housing ladder."

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