A first-time home buyer scheme run by Fairview New Homes has launched at Southall Grove, a new housing development in Southall, aimed at people struggling to save for a deposit while renting.
Located in Market Place, the developer said the scheme is available on selected one and two-bedroom apartments, with prices starting from £299,000.
The scheme, called Save to Buy, allows buyers to move into a new home before completing their purchase. Monthly payments are set at a level comparable to local rents, but are put entirely towards a future deposit rather than paid as rent. Buyers must initially provide a minimum 1% deposit and build this up to 10% over time, with Fairview contributing an additional 5% when the purchase completes.
Fairview said the scheme is intended to respond to high rental costs in London.
David Dee, sales manager at Fairview and Southall Grove, said the scheme was intended to give first-time buyers “a realistic route to home ownership” while remaining in the area.
