£100,000 home buyers unlikely to move in by Christmas
- Credit: Archant
First time buyers in line for Cambridgeshire’s first £100K Homes are unlikely to be in by Christmas, it has been revealed.
When the scheme in Fordham was launched earlier in the year, Mayor James Palmer expected the new homeowners would be celebrating the festive season with their own property.
But delays with conveyancing has meant the purchasers are still waiting for their mortgage offers.
In an email to this newspaper, a spokesperson for the Cambridgeshire and Peterborough Combined Authority said: “The Combined Authority did everything we could at our end and worked around the clock to process the applications, select applicants and carry out necessary checks as quickly possible so they could be passed over to Hill who are managing the conveyancing process.
“My understanding is that purchasers are currently waiting for final mortgage offers.”
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The news comes as the scheme announced that the first eight £100K Homes at Rayners Green are being offered at a discounted rate of over a third of their market value.
Each ground floor flat was valued at £150,000 with first floor flats slightly more expensive at £155,000. They will all be sold to the prospective first time buyers at £100,000.
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Mayor James Palmer, of the Combined Authority, said: “We need new solutions to the housing crisis.
“The announcement of the market value of these first £100k Homes shows both the scale of the affordability problem and the strength of our proposed solution.
“It is simply brilliant news that we can provide such a significant discount on these properties, and give some hard working local people a real chance at a home of their own.”
He added: “The housing market currently shuts out hardworking people who do not have access to significant savings or outside finance.
“I want to change this, and give those who have done everything right a helping hand and a first step on the homeownership ladder. That is what I am trying to achieve with £100K Homes.”
When the Rayners Green scheme was first underway in March, it was revealed over 1,600 people had expressed an interest in the homes.
£100K Homes are one-bedroom properties that are completely owned by local working people who are unable to afford a home on the open market.
They must also have a strong connection to the area - in this case, Fordham - and not already owning a home.
The mortgage repayments are said to be less than renting.
£100K Homes are available at a discount to their full market value through a legal covenant which remains with the property.
The next purchaser would also be found through the £100K Home scheme, and would also benefit from the same percentage discount the initial buyer received.
The Combined Authority says it is in discussions with developers for further sites in Ely, Cambridge City and Great Abington.