Posted 24.09.12
A luxury housing development in York has become one of the first to revolutionise the way first time buyers can get onto the property ladder.
Situated in York, Birch Park is one of the first schemes in the county offering first time buyers and those returning to the market the opportunity to move into high specification new build properties immediately, whilst saving to purchase it at the same time.
The brand new concept, funded jointly by Yorkshire Housing and the Homes and Communities Agency, aims to let tenants move into their chosen property and rent it for two to five years at a 20% discounted rent.
During this subsidised rental period the tenants save towards a deposit, for every pound they save, Yorkshire Housing will match it up to £1,040 a year. Once the tenants have saved enough money combined with matched deposit from Yorkshire Housing, they can put a deposit down on their home.
Mervyn Jones, Chief Executive at Yorkshire Housing said:
"Birch Park represents a positive step forward in the continued development of the provision of affordable housing.
"Yorkshire Housing has long been proactive in seeking innovative ways to improve the current housing situation and we are extremely excited to be launching this new scheme for first time buyers.
"Long-term, we hope that more schemes like Birch Park become available across the country to help bridge the gap that is preventing many young professionals leaving home and accessing the property ladder."
Birch Park comprises 31 two bed apartments.
