First-time buyers could get on the property ladder in a “beautiful” part of Oldham with less than £6,000 in savings.

‘The Place’ is a new development in the heart of Royton, on Radcliffe Street, just metres from the high street and its two-bed town houses are worth £230,000.

However, Oldhamers can get on the property ladder with just £5,750 in the bank to put down a 10 per cent deposit for a 25 per cent share of the house costing £57,500.

The Oldham Times: Radcliffe Street, RoytonRadcliffe Street, Royton (Image: Rightmove)

The site has been developed by Fabric Living, First Choice Homes Oldham’s shared ownership and rent to buy ‘brand’, and has been listed on Rightmove by Lisa Westerman Consultancy Lettings & Sales.

Its description read: “The Place is a contemporary collection of newly built two and three-bedroom homes with excellent transport links bringing Manchester into commuting range, creating a superb opportunity to combine the appeal of a small, mature community with an exceptionally strategic location.

The Oldham Times: Radcliffe Street, RoytonRadcliffe Street, Royton (Image: Rightmove)

“The Place gives residents an exceptional number of beautiful resources on the doorstep and further afield, for outdoor lovers Royton has several public parks with the most notable being Tandle Hill - which is Oldham's oldest country park with over 100 acres of parkland with mature beech trees, mixed woodland and grassland, there are views across the Manchester plain and the Pennine hills.

“You don't have to walk far to access Royton Park which has a wide range of facilities to suit all ages.”

The Oldham Times: Radcliffe Street, RoytonRadcliffe Street, Royton (Image: First Choice Homes)

 

While any potential buyer would own a quarter of the house, the other 75 percent would be owned by First Choice Homes who would charge £395 for rent each month, although more shares of the house could be purchased at a later date.

To qualify for affordable housing, residents must either have a total household income of £80,000 a year or less, cannot afford all the deposit and mortgage payments for a home that meets their needs, be a first-time buyer or used to own a home but cannot afford to buy a new one.

Other qualifying criteria for residents hoping to join the real estate game include owning a home but cannot afford a new home suitable for their needs, forming a new household - for example after a relationship breakdown, or if they are an existing shared owner and want to move.

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