Local families wanting to take a step on the housing ladder can take advantage of a new affordable housing plan at the Groeswen Parc development in Margam.
Under the “Moving Up” home ownership scheme, young families with children currently living in the Taibach and Margam wards will be given priority to purchase one of twelve 3-bedroom houses that are available from Coastal Housing.
Individuals can buy a property outright for the discount price of £87,500 with a mortgage. Currently the market value of the houses is £129,000. The difference between the market value and the purchase price will be loaned by Coastal via a Homebuy loan. There is nothing to pay on the Homebuy element until the property is sold, at which point, Coastal will receive a percentage of the sale price which will be calculated at the time of purchase.
New, affordable properties in Port Talbot are at a premium and particularly in the current economic climate, young people in our area are finding it increasingly difficult to gain a foothold on the property ladder. This scheme provides them with a valuable opportunity to buy a home close to their friends and relatives without breaking the bank.
The Moving Up scheme is an innovative way for the benefits of the Groeswen Parc development to be channelled back into the existing community in Taibach & Margam. I am especially glad that local hardworking families in the area have been given priority status in this instance. These are good quality, secure homes at a cost that makes it possible for more people in the area to enter into the housing market than would otherwise have been the case.
More information on the Groeswen Parc Scheme can be found here: http://www.npt.gov.uk/default.aspx?page=5958
The deadline for requesting an application pack is noon Friday, 12 February 2010.
Under the “Moving Up” home ownership scheme, young families with children currently living in the Taibach and Margam wards will be given priority to purchase one of twelve 3-bedroom houses that are available from Coastal Housing.
Individuals can buy a property outright for the discount price of £87,500 with a mortgage. Currently the market value of the houses is £129,000. The difference between the market value and the purchase price will be loaned by Coastal via a Homebuy loan. There is nothing to pay on the Homebuy element until the property is sold, at which point, Coastal will receive a percentage of the sale price which will be calculated at the time of purchase.
New, affordable properties in Port Talbot are at a premium and particularly in the current economic climate, young people in our area are finding it increasingly difficult to gain a foothold on the property ladder. This scheme provides them with a valuable opportunity to buy a home close to their friends and relatives without breaking the bank.
The Moving Up scheme is an innovative way for the benefits of the Groeswen Parc development to be channelled back into the existing community in Taibach & Margam. I am especially glad that local hardworking families in the area have been given priority status in this instance. These are good quality, secure homes at a cost that makes it possible for more people in the area to enter into the housing market than would otherwise have been the case.
More information on the Groeswen Parc Scheme can be found here: http://www.npt.gov.uk/default.aspx?page=5958
The deadline for requesting an application pack is noon Friday, 12 February 2010.

