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New home owners given chance to get onto the property ladder

today08/02/2022

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Up to 99 more affordable homes are being made available for first-time buyers at the Perry Barr Residential Scheme (PBRS).

The announcement follows a successful bid for funding by Birmingham City Council for a new Government-backed scheme delivered by Homes England.

A total of £5.7 million has been awarded to the council after a successful bid to join the First Homes Early Delivery Programme – which enables properties to be sold at 70 per cent of their market value, enabling purchasers who may otherwise not be in a position to purchase, or who may look to purchase in a cheaper market, to access home ownership in the new Perry Barr development.

If all 99 homes are bought by those looking to get on the property ladder, it will increase the number of affordable homes being delivered at PBRS to 411 of the 968 currently under construction. 

Cllr Ian Ward, Leader of Birmingham City Council, said: “We know how tough it is for people to get onto the property ladder and we’re doing everything we can to provide more affordable homes across Birmingham.

“These additional homes will make a huge difference to first-time buyers in Perry Barr, helping us ensure that the neighbourhood becomes a place where people want to settle and lay roots.”

The First Homes Early Delivery Programme is accelerating delivery of the Government’s new flagship affordable home ownership product, which going forwards will be delivered through housing developer contributions in the planning system.

The product is recognised by mortgage providers and the homes in question will remain as First Homes in perpetuity so that when a purchaser comes to sell their property, they would then sell at 70 per cent of the market value.

To access the discount, sale of the homes in Perry Barr must be completed (legal completion) by the end of March 2023. Off-plan sales are set to commence in summer 2022, and properties will be available to move into from early 2023. Full details of the sales will be promoted and publicised in due course.

 

Written by: David Watkins

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