Sponsored by
Rent can be used as home deposit
Tenants will be able to use rent money as a deposit to buy city centre flats in a bid to kickstart Preston's housing market.
Developers Downtown Living will let people rent apartments in their new development in Lawson Street – then get all their rent money back as a deposit in 18 months to buy their flat at today's prices.
The average rent is around 500 a month per flat – meaning up to 9,000 in rent can be used as a deposit to buy after 18 months.
It comes as property experts warn there are more than 350 apartments empty and unsold in the city centre area.
Amy Ward, marketing adviser for estate agents Bairstow Eves, said: "There are just so many apartments up for sale and they are all quite highly-priced.
"Prices are still coming down and there are people who bought off-plan who are wanting to sell on."
But Downtown Living, the developers behind The Room apartments in Lawson Street, said two-thirds of the 85 one and two-bed apartments were sold before they were finished – more than any other city centre development this year.
They said they have had lots of inquiries about the flats but first-time buyers were struggling to get finance together.
Director Stuart Whittle said: "We believe this offer will create a lot of interest from local people trying to get their first foot on the property ladder.
"People who take advantage of this scheme will be protected against falling prices and will not be paying 'dead rent'."
Around half-a-dozen people have already signed up to the rent-to-buy scheme.
Electrician Noel Billington, 26, who currently rents in Winckley Square, said: "It is a real help to people like myself looking to move out of the rental sector and become home-owners.
"What this deal does is buy time. It also means that my rent is not dead money – I'm paying it with a real purpose."
Rent prices will range from 450-550 a month. The cost of a one-bed flat starts at 112,950 and two-bed flats start at 138,950.
>> Vote in our latest web poll
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Preston
Saturday 04 February 2012
Today
Light snow
Temperature: 2 C to 3 C
Wind Speed: 22 mph
Wind direction: South east
Tomorrow
Cloudy
Temperature: 3 C to 7 C
Wind Speed: 16 mph
Wind direction: West
