The fall-out from the credit crunch has forced lenders to increase their mortgage rates and tighten their lending criteria, making it almost impossible to get on the property ladder without a substantial deposit.

Add to this historic house price growth and affordability pressures as food and fuel price hikes stretch budgets and the future doesn’t look bright for first-time buyers.

But the headlines haven’t bothered Alan and David Carrera who have both taken that all important first step onto the property ladder with the help of Own Place, a scheme by Riverside Housing which offers buyers a 25% discount on the market value of a property.

Brothers Alan and David have bought houses just three doors away from each other in Bootle on Merseyside. Aged 22 and 21 respectively, Alan and David are streets ahead of the average first-time buyer who is aged 34.

Alan, an apprentice engineer, said: “I hadn’t even considered buying my own place because I thought it was too expensive. I did look into it once but realised I couldn’t afford it and never thought anything more about it until my dad discovered Own Place on the internet.

“The house does need some work but you can’t argue with the price. Structurally it is sound, it just needs some superficial work doing like a new kitchen, new carpets and decorating.

“It never would have been possible for me to get on the property ladder without the help of this scheme.”

David, a metal worker, added: “I’ve been living with my parents and didn’t even think buying my own home was an option but as soon as I heard about Own Place I thought it was a great scheme and knew I wanted one of the properties.

“Considering the discount – I paid £46,875 for the property which is more than £15,625 below the market value – I was surprised that the property was in such a good condition other than needing a new kitchen and bathroom.”

Own Place is designed not only to give local first-time buyers a helping hand on to the property ladder but also to help breathe new life into neighbourhoods, as well as kick-starting the local housing market.

In return for a 25% discount, buyers must agree to live in the properties for at least five years, or else pay the discount back. They must also agree to live in the house themselves and not rent them out.

It is hoped these conditions will help revitalise streets blighted by boarded-up properties, buy-to-let landlords and short-term tenants. Own Place properties are often grouped together so the improvements made to a number of homes will have a positive impact on the wider area.

Under the scheme, Riverside Housing will carry out structural repairs and improvement works to bring empty properties up to a standard which should allow buyers to secure a mortgage.

The properties vary in condition. While some will have been refurbished prior to sale, others will need some redecoration and upgrading. Some of the properties will require more comprehensive works and are likely to appeal to competent DIYers and those who have access to skilled labour via friends and family.

Current prices start from £41,250 for a house in Wirral, £45,000 for a house in Liverpool, £46,875 for a house in Sefton and £50,625 for a house in St Helens.

For more information or to receive an application pack call 0151 343 1170, email enquiries@ownplace.co.uk or visit www.ownplace.org.