First-Time Buyers Move In Thanks To The Homestep Scheme

A young couple have bought their first home, a brand new Lovell home, thanks to the Homestep low-cost home ownership scheme introduced by Rhondda Cynon Taf Council working in partnership with Lovell on the company's brand new development in Maes Ifor, Taffs Well.

To mark the occasion, Paul Binding and his fiancée Victoria Martin were presented with the key to their brand-new two-bedroom house by Jocelyn Davies, Welsh Assembly Government Deputy Minister for Housing. The Deputy Minister visited the Maes Ifor development to see how the Homestep scheme is successfully helping local young residents get on to the housing ladder.

The Homestep scheme helps eligible buyers nominated by the Council by giving them the chance to buy properties at a discount. At the Maes Ifor development, 16 two- and three-bedroom houses are being offered for 75% of their market value to help residents have the chance to own their own home.


"We would definitely not have been able to afford to buy our house without Homestep," said Paul, 24. "We've been living with Victoria's parents in Mountain Ash and have been looking for some time but there was nothing we could afford. We are so excited at moving into our first home. The house is lovely and ideal for us."

Through the Homestep scheme, they bought their two-bedroom house for just over £115,000 - 75 % of its market value of £153,448. The property, which benefits from allocated parking, features the kitchen / dining room and spacious living room with French windows leading to the garden, on the ground floor, along with a cloakroom and hall. Upstairs is the master bedroom, second bedroom and bathroom.

When a house is sold through Homestep, Rhondda Cynon Taf Council retains the remaining 25% share of the freehold value of the property. Buyers do not have to pay rent on the 25% retained by the Council. Buyers repay the 25% share to the Council - at the market rate - when they sell the property.

Deputy Minister for Housing Jocelyn Davies says: "I believe everybody has the right to live in good quality affordable housing. I am delighted to hear of shared equity schemes like Homestep which help people to get a foot on the property ladder.

"The Welsh Assembly Government is committed to creating an extra 6,500 affordable homes and earlier this week we announced that £42 million of Strategic Capital Investment Fund money would go towards their creation across Wales. This money could be used to support more shared equity schemes."

(CD/JM)