People living in the municipality of Westland near Rotterdam may soon be able to get council help to buy a property, thanks to a special council fund.
The local authority is putting €20 million into the fund which will be used to buy the land which houses are built on – saving around a third of the price of a home, local broadcaster Omroep West said on Monday.
In total, the council hopes to help around 200 first time buyers get a foot on the housing ladder by putting up to €100,000 into each property.
The construction is similar to leasehold, in which the land is either council or privately owned, but is cheaper for the home owner, the municipality says.
Buyers will pay a pay a very low interest rate on the land for as long as they live in the property, or they can buy the land from the council if they can afford to do so later.
The average price of a terraced house in Westland is between €350,000 and €450,000, which is out of reach to most people on average salaries.
‘A couple with an average income cannot afford this, but the housing fund will help us to offer them a home,’ councillor Andre van den Berg told the broadcaster.
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