Own Place leads the way for affordable housing.
Published by Anonymous for Riverside in Housing and also in Communities, Environment
Own Place Dryden St
As new affordability checks for mortgage applicants are being implemented, first time homeowners are moving into a refurbished Dryden St property in Bootle, thanks to the Riverside-backed regeneration project Own Place.
Long-term disused properties, including the Dryden Street homes, have been revitalised through Own Place working with Sefton Council and £1.2m funding from Department of Communities and Local Government (DCLG).
The properties in Sefton, Liverpool and Wirral are improved to a mortgageable standard before being sold at a 25% discount to incentivise buyers to remain as owner occupiers for a minimum of five years.
Laura and Darrin, excited first-time buyers, are getting ready to move in. Laura explains: “We heard about the scheme from friends who used it to buy their own place in Dryden St… We used to rent a property not far from here so we know the area really well… This is a fantastic opportunity; we can’t wait to move in.”
James Hill, Riverside’s Director of Property Strategy, said: “Own Place is proving to be a hugely successful scheme. Affordable housing has never been more important, especially with recent mortgage application affordability checks being introduced. Since we launched five years ago, we have brought over 350 empty homes back into use for sale to first-time buyers like Laura and Darrin. We are passionate about working with local authorities, like Sefton to bring empty properties back into use, breathing new life into the surrounding communities.”
Own Place - which won a UK Housing Award for Making Best Use of Stock – allows people, who couldn’t otherwise afford to buy their own home, to become owner occupiers by bringing back into use long-term empty properties that require significant investment.