Ryan welcomes new scheme for tenant purchase
Issued : Tuesday 31 May, 2011
Areas : Wexford
Wexford Mayor Joe Ryan has welcomed the new tenant purchase scheme for local authority tenants that allows them the opportunity to purchase their own home. Mayor Ryan said that the new scheme is very attractive for anyone hoping to purchase their home from Wexford Borough Council and that applications could now be made to the housing authority.
Wexford Mayor Joe Ryan has welcomed the new tenant purchase scheme for local authority tenants that allows them the opportunity to purchase their own home. Mayor Ryan said that the new scheme is very attractive for anyone hoping to purchase their home from Wexford Borough Council and that applications could now be made to the housing authority.
Mayor Ryan said that the scheme targets tenants who are a minimum of 10 years in their home and could avail of a discount of up to 45% on the market price of a house they are eligible to purchase under the scheme. The new arrangements allow tenants to accumulate the 45% discount over a 15 year period, also at a rate of 3% for each year of the tenancy. This offer is only available for 2011 and will be replaced with a less generous offer in 2012 simply to encourage anyone presently considering buying their home to move now.
Mayor Ryan said “The recent collapse in property prices allied to this scheme will once more make buying your own home a realistic option for council tenants. To possibly get a further 45% reduction in a depressed market may well provide a good opportunity for someone who can access money or raise a loan to buy their home. In the case of someone whose lived in a house for 15 years or more that is valued even in the depressed market at €100,000 this would mean that a cost price of just €55,000 for their home. Given the frenzy in the property market about 5 years ago this is good value and puts house purchasing back in the grasp of local authority home owners with savings or loan approval”
Mayor Ryan ended “While I accept that financial institutions are increasing interest rates and that the loan approval process may be slow, I want to encourage as many tenants of Wexford Borough Council as possible to consider if they can purchase their home this time. There may not be as good an offer again”
Cllr 
