Sustainable developer, Citu, is starting where the Government and HCA’s ‘Kick Start’ plan has left off by initiating their own scheme to help people get their first step onto the property ladder.
Since funding has momentarily dried up on the £1bn Homes and Communities Kick Start campaign launched in 2009 to unlock stalled housing schemes, pressure is once again mounting for first time buyers and their ability to be in a tenable position to own their own home.
Managing Director of Citu, Chris Thompson, said; “The HCA Kick Start campaign has been a positive initiative in a very difficult market for first time buyers. Essentially a shared equity scheme allowing developers to sell between 25 and 75 per cent of a property to the consumer with the Government backed association bridging the cost of the remainder.
“As funding is on hold in our region we have decided to offer a similar incentive on our new Greenhouse development, funded by ourselves, to continue momentum, giving first time buyers more options and the ability to take advantage of the low deposits on offer.”
Citu’s Green Light campaign offers purchasers the chance to buy 75 per cent of their property with only a five per cent deposit of that cost required; roughly translating to being able to own a one bed apartment at sustainable development Greenhouse with around £4,000 deposit.
Director at Express Mortgage Services Ltd, Paul Rawson, commented; “Offers such as these are of vital importance to keep impetus flowing throughout the home buying market. Many first time buyers struggle with the demands of raising a 25 per cent deposit forcing them out of the buyers market. Shared Equity schemes not only make it cheaper to get on the property ladder whilst property prices are low, they also make the monthly costs lower.”
