Liverpool City Council is considering a scheme to help its residents by offering loans to low income families. With property prices falling, and monthly sales declining, the council is considering injecting liquidity into the bottom of the market, and have requested a feasibility study on offering the Town Hall mortgages . If the proposals are confirmed, it will be the first time in over a decade that the City Council has assisted its residents with mortgages.
A senior councillor reportedly revealed that the council would not help to arrange mortgages for ‘£200,000 properties in the suburbs’, but would target low income families and first time buyers . Such families looking to buy in housing market renewal (HMRI) areas in North Liverpool would be most likely to qualify for the loans.
The news comes as a massive boost to needy residents in Liverpool, with the rising cost of food, energy and petrol restricting people’s ability to save. The Council claim, however, that it wouldn’t just be the bottom of the market that would benefit, but that the injection of liquidity would see an upturn in the city’s entire housing market .
Liverpool City Council Considers Offering Home Loan Assistance
Mon, 07 Jul 2008
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