St Paul’s Square launches shared equity scheme

THE developers of Liverpool’s St Paul’s square scheme have launched a new shared equity scheme in a bid to tempt owner-occupiers back into the city centre’s stuttering residential property market.

The scheme, which is being launched in January, is offering one or two-bedroom properties for 80% of the purchase price, with the remaining 20% being provided by the developer through of an interest-free loan which will be repayable within ten years. A 5% deposit is required to partake in the scheme. St Paul’s Square is based in the heart of the city’s commercial district off Old Hall Street.

Martyn Green, a partner at King Sturge, said: “The scheme at St Paul’s Square is a fantastic option for those who are having trouble collecting enough deposit to put down on a city centre apartment. I think that it’s important to make clear that, unlike shared ownership Schemes, shared equity allows the buyer to own 100% of their home from the day of completion.”

David Caught, marketing director at Muse Developments, said: “We understand completely the challenges people have faced in finding large deposits and securing mortgages since the credit crunch. Buying through the shared equity scheme makes it more affordable.”

Under the scheme, a two-bed apartment costing £149,950 on the open market would be available for £119,950.