If you’ve ever dreamt of owning a beautiful home in a picturesque British seaside town, now is your chance! Cornwall Council has recently approved the sale of 11 flats in the charming town of Looe for just £1 each. These flats, worth an impressive £640,000 each, are being sold to help ease the housing crisis in the area.
Affordable Homes for Local Residents
The sale of these flats to a community land trust means that they will remain as affordable housing for local people. This is great news for the residents who have welcomed the scheme with open arms. Anne Edwards, a current resident of the flats, expressed her excitement about being able to stay in the coastguard flats. She believes that this opportunity will provide a much-needed lifeline for young people who previously had little hope of finding a place to live in Looe.
Positive Impact Across the Country
The project has also garnered support from other residents, such as Christine Hodgson, who believes that it is wrong for houses in Looe to sit empty for long periods because they are second homes. She hopes that similar initiatives will be implemented across the country to help other areas in need.
Renovating and Making Homes Habitabale
The new owner of the flats, the Three Seas Trust, plans to spend approximately £1.5 million to make these Grade II-listed homes habitable. This funding will come from government grants and a community share scheme. Once renovated, these cottages will provide 11 one to two-bedroom properties, with affordable rents set at around £400 per month.
A Creative Solution for Affordable Housing
This project in Looe is a shining example of a creative solution to address the desperate need for new affordable homes in the area. Olly Monk, the county councillor responsible for housing, highlights the success of a similar project in the village of Cawsand a few years ago. The trust purchased three council-owned coastguard cottages and successfully renovated them, providing much-needed homes for local people.
Help for First-Time Buyers
With soaring house prices, it’s becoming increasingly challenging for first-time buyers to step onto the property ladder. However, there are options available for those who know where to look. The government’s First Homes scheme offers the opportunity to purchase a home for 30% to 50% less than its market value. Buyers can choose between new build homes from developers or properties from previous scheme participants who are now selling.
Additionally, the shared ownership scheme allows homebuyers to purchase a share of a property and pay rent on the remaining portion. This option is ideal for those who may not have the financial means to cover the full deposit and mortgage payments for a home that meets their needs.
If owning a picturesque home in a popular British seaside town has always been your dream, now is the time to make it a reality. Don’t miss out on this incredible opportunity to own an affordable and charming home in Looe. To find out more about this exciting project and how to get involved, visit F5mag.com.