News | 29/08/19

Foundation’s first families move in

Families have moved into the first new build homes built by Liverpool City Council’s ethical housing company Foundations.

Residents are settling into their new homes on Park Street, Dingle, where Foundations has launched its flagship rent-to-buy scheme designed to help people get on the housing ladder.

The 14 three-bedroom homes are the first tranche of new build houses to be included in the company’s rent-to-buy programme.

Among the new neighbours is Julian Gill, 33, and his partner Courtney Greenway, 24. Julian, who is originally from Toxteth, is a videographer and creative designer.

He said: “It feels fantastic to be in our new home. Having a fresh, new house in a fantastic location has had a really positive impact on our lives. It’s hard to quantify, but it’s a very exciting prospect to know that we’ll one day own this home. It really is the perfect place for a new home and for first time buying, as we have everything we need on our doorstep.

“Before this opportunity came up, I was renting from a private landlord. All of my renting experiences have been negative due to poor maintenance, dreadful communication and lack of transparency. Without Foundations, it wouldn’t have been possible for us to get on the housing ladder so soon. Having the freedom to save and get my accounts in shape before buying is a real blessing.”

Under the scheme, people will be able to rent the homes at 80 per cent of the market rent, so they can save the other 20 per cent towards a deposit in order to find a mortgage to buy the property.

They will be given an option to buy their home after 12 months and up to five years at a fair market price based upon an independent valuation at the time of purchase.

The scheme was available to people who live or work in Liverpool and are either first time buyers or who have had to previously sell a home because of a relationship breakdown. Other criteria include being in work but unable to buy a home on the open market due to lack of savings for a deposit towards a mortgage.

Foundations has enhanced the homes on Park Street to include a range of items, including alarms, blinds, white goods and electric appliances, flooring and additional planting to create a high standard of home and also reduce the financial burden of tenants moving in.

Foundations chief executive, Mark Kitts, said: “We’re delighted to see families settling into life in their new homes on Park Street. The aim of our rent-to-buy scheme is to give local people the chance to get a foot on the property ladder and have a stake in their local community.

“This scheme marks the start of an incredibly exciting journey for Foundations. Our vision is to create quality, sustainable homes that help to improve neighbourhoods and the quality of the Liverpool’s housing stock.

“Demand for our first scheme was far in excess of the supply we currently have and we’ll be working hard over the coming months and years to ensure more people can benefit from these opportunities to get a foot on the housing ladder and have a home they can proudly call their own.”

For more information about Foundations’ rent-to-buy scheme, go to the Foundations website: https://www.liverpoolfoundationhomes.co.uk/