DOI 'mid rent' scheme could help first-time buyers

Colby properties let 20% below market price

A pilot scheme which could help first-time buyers save for a house deposit has been announced by the government.

The Department of Infrastructure is introducing a ‘mid-rent’ initiative, where a small number of properties will be let at prices 20% below the market rate, to allow tenants to save enough cash to purchase their owns home.

Only those who’ve never previously owned property can apply, and must earn below a certain income.

For a single person that’s £35,000, for a couple its £55,000 and for a couple or single parent with one or more children, £60,000.

Each tenancy last for only 12 months, and tenants must demonstrate they’ve found the mid rent scheme beneficial towards saving towards buying a home.

The Department will first trial the initiative in five newly built properties at Cronk Cullyn, in Colby.