Ten new homes are being created out of 20 empty properties as part of the Own Place project.
Under Own Place, the city council transfers vacant properties to The Riverside Group, who refurbish them and offer them for sale at a 25% discount to incentivise buyers to remain as owner occupiers for a minimum of five years.
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Own Place – which won a UK Housing Award for Making Best Use of Stock – allows people, who couldn't otherwise afford to buy their own home, to become owner occupiers.
Riverside's Director of Property Strategy, James Hill, said: "The 20 empty terraced houses we bought had a very small two up/two down layout. We decided modern family life requires more room and designed 10 new homes fit for the 21st Century by knocking through two into one."
Own Place has received £1.2m funding from Department of Communities and Local Government (DCLG).
(CD/JP)
