First-time buyers are being given the chance to snap up a property of their own for less than the market price, thanks to Rhondda Cynon Taf Council’s innovative Homestep scheme.
Prices for the latest round of houses available via the initiative start at just £66,000* for a three-bedroom house, with a range of homes across the county borough available.
The exciting offers are possible thanks to the Council’s commitment to working with developers in the early stages of the planning process, to secure a proportion of all new houses constructed in the county borough for use as affordable housing. The homes are sold on a retained equity basis at a percentage of the market value.
By reducing both the deposit that needs to be found and the mortgage that needs to be secured, the Council is helping first-time buyers find homes that were previously out of their financial reach.
As well as securing the high-quality homes residents need and want, the scheme – which is part of a wider RCT housing strategy – is also boosting the local economy and keeping the housing market moving.
Recently, a number of pre-owned homes have also been added to the properties available. These are:
A three-bedroom house in Rees Street, Treorchy, for £66,000 (70% retained equity).
Two, two-bedroom homes in Blackthorn Court, Llanharry, for £83,997 and £85,750. (70% retained equity)
Cllr Craig Middle, Cabinet Member for Social Justice, said: “We are pleased to be announcing even more high-quality, affordable homes for sale to first-time buyers as part of the successful Homestep scheme. To date, 100 people have moved into a home of their own as a result.
“By working with developers, we are able to run Homestep at no cost to ourselves. A percentage of the property is purchased by the first-time buyer with a mortgage and the remaining equity is provided by the developer and is retained.by the Council
“The scheme is hugely effective. Rising property prices, combined with a shortage of affordable, low-deposit mortgage deals, the odds are stacked against our first-time buyers.
“Homestep allows them to buy their first home at an affordable price, which, in turn, supports the construction trade, the housing market and the employment associated with these industries.
“It is part of a wider, partnership approach to housing in Rhondda Cynon Taf, which also includes ensuring private rented accommodation is of the highest standard, that tenants and landlords are protected, that new homes are built where they are needed the most and that empty homes are regenerated and re-used, with action taken against the owners of those that are derelict or dangerous.”
Find out more about your housing options, including Homestep, Homestep Plus, private rented, social housing and more at www.rhonddacynontafhousing.co.uk