PEOPLE struggling to get on the property ladder may be able to afford an apartment in a new waterfront development overlooking the canal in Chester.

Forty-two affordable homes are available for local people who would otherwise be priced out of the market following the launch of the Government’s FirstBuy scheme.

Work on some of the new homes, including 24 at Tower Wharf, overlooking a canal mooring basin in the Garden Lane area, and 18 in Blacon has already begun.

Under the programme, which is jointly funded by the Homes and Communities Agency (HCA) and leading house builders, eligible buyers can pay just a 5% deposit on properties and will be offered equity loans of up to 20% of the home’s value, meaning that they need only find a 75% mortgage.

Furthermore, repayments on the loan can be delayed by up to five years.

The completed homes will be offered for sale via HomesHub, which is part of Plus Dane Group housing association.

There are also many other developments going on in Cheshire including 184 homes in Ellesmere Port and 185 in Wirral.

Ben Clay, director of HomesHub, said: “This is exciting news for people in Chester who dream of owning their own home, but who are unable to afford today’s prices.

“To qualify, buyers need to be new to the property market and have a household income of less than £60,000 per year.

“As the Government’s HomeBuy agent we take buyers every step of the way. This year alone have helped hundreds of individuals, couples and families move in to a home of their own.”

For more information on affordable home ownership and shared equity schemes visit: www.homeshub.co.uk.