£20,000 Grants for first-time buyers of empty homes
July 16, 2006 11:43 AM
Cllr. Phil Green:- "First-time buyers will get a big help onto the property ladder whilst removing the blight of empty, dilapidated homes, from our community".
In what is believed to be a unique scheme Ipswich Borough Council is to provide up to £20,000 grants for first-time buyers to renovate empty and dilapidated houses.
Ipswich currently has 450 homes that have been empty for over a year. Many of these require extensive restoration. Ipswich also has many young people who want to get on to the property ladder but cannot afford to do so.
This revolutionary scheme will enable first-time buyers to buy their first homes, homes that due to their condition will be cheaper than the going rate, and use up Ipswich' empty homes.
This brings benefits to Ipswich in that there are less dilapidated homes blighting communities, less burden on social housing, and more council tax revenues from the additional homes whilst benefiting the young of Ipswich.
There will be rules to ensure the scheme is not abused by property developers and that the grants are paid back in the event of a sale.
For more details contact Ipswich council private sector housing manager Paul Brookes.
Rules:
Max 80% grant to cap of £20,000 per property.
Grant has to be repaid when the house is sold.
Only available to first-time buyers.
Mortgage must be at least 90% and those eligible must have less than £6,000 in savings.
House must have been empty for more than one year
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