New home scheme offers £1 homes for key workers

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A formerly homeless couple have a chance to buy a house for £1 under a scheme to help key workers and others on to the property ladder.

Tim Perry and Aaron Parsons are among the first tenants who have moved into 12 new houses at a development in Wednesfield, Wolverhampton.

They become eligible for the £1 purchase on the 25th anniversary of moving in.

The project has spent £24m buying 100 properties.

Mr Perry, a machine press operator, said he felt "ecstatic", adding: "[I'm] still pinching myself over it. It feels so weird and [I'm] so blissfully happy."

Former homeless couple can buy Wednesfield home for £1 - BBC News

Edited October 16, 2021 by The Silver Shroud

[+and-then]

It always pays to actually READ the entire article    I thought at first glance that the "deal" was to take on payments, just like a mortgage, then at the beginning of year 26, getting to make one last payment of one pound.  The program is a really good idea, I think.  It allows people who otherwise could, eventually buy a place, a chance to skip the up front costs and move in as though they were renting.  If they make it to year 26, they become owners.  If they don't, they get their rent payments refunded!  

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8 hours ago, and then said:

It always pays to actually READ the entire article    I thought at first glance that the "deal" was to take on payments, just like a mortgage, then at the beginning of year 26, getting to make one last payment of one pound.  The program is a really good idea, I think.  It allows people who otherwise could, eventually buy a place, a chance to skip the up front costs and move in as though they were renting.  If they make it to year 26, they become owners.  If they don't, they get their rent payments refunded!  

At first glance of the headline I thought they were giving away new homes for £1. I suppose, legally and in common language, people are said to have "bought" a house when they take on ownership with the payments. A lot of people move during the 25 year mortgage term, and they say they bought a flat, then a semi, then a detached, etc, even though they don't buy them outright. But the £1 move-in is a great deal as long as the rent is never become extortionate- a better deal than HA part-ownership. Another point would be defining "key worker"- I suppose they mean low-paid. I agree it is a good idea, be nice if it could be rolled out by other councils. Reducing demand would also reduce prices- though I guess property-wealthy pensioners wouldn't like that.