The housing market has always been a difficult one for first time buyers to crack. Current conditions are making it nearly impossible for young people to cut the proverbial cord and buy a home, unless they have a substantial deposit. Despite this, at just twenty years of age, Louise Cogswell has moved out of the family home and into her own apartment with a little bit of help from the government’s First Time Buyers’ Initiative (FTBI).
Louise comments: “I consider myself to be quite an independent person, but with the problem of affordability for first time buyers so well publicised, I didn’t think that I would be able to own a home of my own for a long time. I could see myself living with my parents until I was in my thirties, but I think this scared my dad who was very quick to tell me about the first time buyer scheme he had seen advertised at New Broughton!”
FTBI enables key workers and first time buyers to buy a brand new home by contributing an affordable 50% towards the full purchase price. The remainder is then funded by Home and Communities Agency (HCA), the government agency leading the rejuvenation of communities across England.
Louise adds: “My parents had already bought a home at New Broughton, which my sister lives in, so I knew that the scheme would make a good investment, but it took me a while to believe that I really could stand on my own two feet and buy a house for 50% of the price. It must have been true though, because now I have my very own stylish apartment, with a balcony that looks out over city. It is lovely to live so close to my sister and I’m trying to get my friends to move here too – most of them are still living with their parents and I know they’d love to have a place of their own, especially one so modern and within walking distance of Manchester city centre’s shops and nightlife.”
Please note that FTBI has now been superseded by HomeBuy Direct.