If you would like to own your own home but cannot quite afford it and  or are a first time buyer, low cost home ownership may be of interest to you.

HomeBuy

Homebuy   is a government  backed scheme  aimed at first time buyers. Properties in the schemes are offered at, for example 70% of the market value with eligible purchasers receiving a loan for the remaining 30% from HomeBuy. No interest is payable on this loan for the first 5 years. If the property is sold the owner has to repay 30%  of the property value back to HomeBuy, which represents the equity share loaned. The HomeBuy website explains the scheme in more detail.

 HomeBuy schemes in Preston are listed on the Homebuy website

Affordable housing schemes in Preston

Preston Council is involved with an affordable housing scheme on Dunnock Lane, Cottam. This is a reduced cost home ownership development, which was designed to assist people (especially first time buyers) to purchase their own property at a price of 20% below the current market value.

This condition was fixed for a 35-year period and therefore, should the owner wish to move on in future, then they would be required to sell the property in turn at 20% below its current market value. In addition,  any person that wishes to buy a property must be eligible to participate in the scheme by complying with the income restrictions applied to the agreement.
Anyone interested in purchasing a property via this scheme must approach this in the usual manner of a purchase of a property via the open market and therefore, should contact the estate agents that are dealing with the sale of individual properties.