WANNABE homeowners have hailed a new scheme that means residents can buy their property for as little as £1.
Nearly 300 homes are available as part of the £34million Marches estate in Wolverhampton.
The project is selling two, three and four bedroom homes under a buy-in program, then allowing residents to buy them after renting for 25 years.
As part of their plan, they can accrue a loyalty premium and then buy their home for as little as £1 – with 100 of the homes on the scheme.
Renters can receive their premiums as cash if they leave the plan within the first 20 years.
Construction giant Willmott Dixon is building 266 homes, some still under construction and others already moved in.
New resident James Taylor, 26, moved in with his partner and daughter on November 24 after being accepted into the buy-in program.
The technical supervisor said to BlackCountryLive: “We liked it. Obviously during the day, it was a bit noisy with the building going on.
“Also, on weekends, it’s quiet. This is a nice area, you don’t have or hear any trouble.”
“We like the design, that’s one of the reasons why we chose it. Although it’s quite narrow, there’s a lot of space because we have three floors.”
Dan Brown, 34, moved in with his wife and children at the end of November under a buy-in plan.
“Beautiful property, we arrived pretty early, we are still finishing construction work,” said the Amazon data services manager.
“The neighbors are quite friendly.”
Tim Perry, 31, has moved into his apartment with partner Aaron Parsons, 32, according to a plan to help take ownership in October.
“It’s our dream home,” said Mr. Perry. To be fair, life is good here, there’s a good community spirit going on, people come together peacefully.
He added: “I like the look of the houses, there’s quite a bit of space inside.”
The Help to Own Program has been specifically designed for hard-working people and families who are struggling to save a deposit to realize their dream of owning their own home.
The plan also aims to help key workers get on the property ladder.
Under this program, more than 41% of homes will have a key employee living in them.
West Midlands Mayor Andy Street said: “This makes home ownership more accessible to everyone and that has to be a good thing.
“Here, it’s about locals, key workers moving into these new elegant homes and really can, in their own time, time.
“I think this plan needs more. People who are starting to work will find it harder to climb the housing ladder, and that’s more difficult as prices go up.
“This makes it more accessible, it’s a good plan and I hope we can have a lot more across the region.”
Councilor Stephen Simkins, cabinet member for the economy, added: “We put the bulk of this investment, worth almost £5.5 million, followed by commitment coming from the Agency. incorporating the West Midlands and also the finance company that helped us make this happen.”
https://www.the-sun.com/news/4675374/inside-the-newbuild-estate-own-home-one-pound/ You can buy a house for £1 on this newly built land