Colby properties let 20% below market price
A pilot scheme which could help first-time buyers save for a house deposit has been announced by the government.
The Department of Infrastructure is introducing a ‘mid-rent’ initiative, where a small number of properties will be let at prices 20% below the market rate, to allow tenants to save enough cash to purchase their owns home.
Only those who’ve never previously owned property can apply, and must earn below a certain income.
For a single person that’s £35,000, for a couple its £55,000 and for a couple or single parent with one or more children, £60,000.
Each tenancy last for only 12 months, and tenants must demonstrate they’ve found the mid rent scheme beneficial towards saving towards buying a home.
The Department will first trial the initiative in five newly built properties at Cronk Cullyn, in Colby.
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