Around 100 families will be able to benefit from the scheme.

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  • Around 100 first time buyers will be able to get on the property ladder in Leeds thanks to a new initiative.

    Leeds City Council has announced that £2m is being put into a fund to aid those who are struggling to find money for a deposit.

    Families will be able to use the council's money to underwrite up to four fifths of a deposit, typically 25 per cent, on properties valued at up to £160,000.

    The other 5 per cent of the deposit will then have to be raised by the buyers.

    Keith Wakefield, council leader, said: "One of the major obstacles for first time buyers is the need to find a deposit of up to 25 per cent which is proving increasingly prohibitive, so this is where we can help."

    An example of a qualifying property in Leeds would be a three bed townhouse at The Gateway, Middleton, which is priced at £154,995.

    It is set over three storeys, and comes complete with parking space, large master bedroom, walk-through dressing area and ensuite shower room, while a fully fitted kitchen and breakfast area are perfect for entertaining in.ADNFCR-1100-ID-801302079-ADNFCR

    Some information contained herein may have changed since it was first published. SmartNewHomes strongly advises you to seek current legal and/or financial advise from a qualified professional.

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