13 Oct

Cornwall to trial new government housing plans

Cornwall to trial new government housing plans

Plans developed in Westminster by the government are to be put into action to help first-time buyers find property for sale in Cornwall.

Cornwall Council and the Homes and Communities Agency are to work together to develop a local shared equity scheme in order to help first time buyers secure a mortgage and provide the area's housing market with a boost. 

The scheme will be run out across the country but Cornwall will be the first area to trial it. The council will initially offer developers the option to sell homes at a discount of up to 40 per cent, rather than requesting affordable housing contributions through a 'mitigation' agreement. 

This discount would then be passed over to the Council as an equity loan to the purchaser. On re-sale the council would be repaid by the homeowner. Any money raised on the re-sale of properties in the scheme looks set to be recycled by the council to continue investment in affordable housing.


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