The first residents on a new-build estate are beginning to move into their homes — and some will be able to buy their homes for just £1. More than 250 of the modern houses have been made available at an estate in Wolverhampton.
It came after W V Living, the firm behind the £34million complex placed three and four bed properties on to a help-to-buy scheme, allowing the occupiers to buy their homes after renting them for 25 years. But a "loyalty premium" will see 100 of the homes go for just a pound, enabling the occupants to buy their home for that amount.
My Generation Group Ltd, the company behind the Help to Own scheme, explained: "It lets you rent a quality new-build home for the long-term. As you make your monthly payments you build up a Loyalty Premium, which you can take as cash if you leave the scheme within 20 years. On your 25th anniversary you can buy your home for £1."
