11:32AM, Wednesday 09 May 2012
A pot of nearly £2m is being used to help first-time buyers get a foot on the housing ladder.
The Royal Borough of Windsor and Maidenhead and Housing Solutions are each putting £960,000 into a shared home ownership initiative starting later this month.
Borough chiefs are using cash from developers' contributions, which is being matched by the housing group which will run the scheme.
The 'do-it-yourself' approach will allow up to 30 first-time buyers who live or work in the borough to find a suitable affordable property on the open market.
If accepted, Housing Solutions will buy the house or flat and sell a share of it to the would-be home-owners who will pay rent for the part they don’t own.
Cllr Simon Dudley, the borough’s cabinet member for adult and community services, said it brings 'many benefits' for people at no cost to council tax-payers.
He said: "It is a recognised problem and this scheme will widen opportunities for them to get that all-important first step on to the property ladder as well as giving the housing market a much-needed boost."
Housing Solutions will buy a property outright and then sell between 35-75 per cent of the home to the new buyers who will have the opportunity of increasing their share to full ownership over 25 years.
If homes are sold in the interim the money invested will be returned to the housing association from the sale price and made available again for more potential buyers.
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