Posted on 17 February 2020
Led by James Palmer, Mayor of the Cambridgeshire and Peterborough Combined Authority (CPCA), the £100K Homes scheme aims to offer an affordable step on to the housing ladder for those living or working in Cambridgeshire and Peterborough.
£100K Homes will be made available at a discount to their full market value, through a legal agreement which will stay with the property. The next buyer would also be someone who would qualify for a £100K Home and they would also benefit from the same percentage discount to the open market value of the property.
Although no £100K homes are available at the moment, the first are expected later in 2020 and the CPCA has launched a new website, www.100khomes.co.uk, allowing people to register interest. Those not interested in buying a £100K Home, but who think the scheme is a good idea, are encouraged to sign up on the website and add their support.
Mayor James Palmer said: “This scheme looks to help the huge numbers of working people who are finding home ownership out of reach. A 100% owned home for £100,000 offers the ideal combination of achievable deposit and affordable mortgage payments.”
The campaign will be officially launched in Westminster on 17 March 2020.