Help on the property ladder

First Minister Rhodri Morgan has reopened a 200 year old hotel in Pontypool which has been transformed into affordable homes to help Torfaen residents unable to get on the property ladder. 

 

Help to Own was developed by Torfaen Council due to rising property prices which have made it impossible for some first time buyers to buy a home. The first four residents are moving into new flats at Ty-Clarence, formerly known as the ClarenceHotelafter being helped through the 'Help to Own' scheme which gives them a 30% discount from new homes. Eastern Valley Housing Association (EVHA) have redeveloped Clarence Hotel in a £3.8milllion project. When the purchaser decides to sell the home on EVHA gets back its equity share and recycles it, to ensure it is available to the next household eligible on the register to buy the home. Ty-Clarence also includes 10 apartments for rent, 3500 sq ft offices and a conference centre.