A leading property developer in Swansea is introducing an affordable home ownership scheme which will make the dream of buying a new home a reality for first time buyers in the area.

Pennant Homes is working in partnership with City and County of Swansea to roll out an affordable home ownership scheme at selected developments in the Swansea area, which offers first time buyers the opportunity to purchase a brand new home at a discounted price.

The initiative, which specifically targets those who would not be able to afford a new home on the open market, sells homes at 70% of their full value price. All of the selected houses offered through this scheme are recommended as ideal starter homes.

Pennant, the sister arm to Swansea based housing association Coastal Housing Group, is currently selling two homes at Horizon Walk, Gorseinon starting from £84,000. Both properties have two double bedrooms and benefit from designated car parking as well as an enclosed rear garden. Horizon Walk is located in the popular residential area of Gorseinon, with Swansea city centre only a 20 minute drive away.

Further to these properties, Pennant are due to acquire a further six homes at the development towards the end of June – four two-bedroom and two three-bedroom properties – which will all be available on the low cost home ownership scheme.

Ceri Daniel, Senior Sales Coordinator at Pennant Homes said of the initiative: “We understand how difficult it can be for first time buyers in the area to get on the property ladder, especially with house prices growing continually.  This scheme addresses this problem directly and effectively, making it that bit easier for first time buyers who might not be able to afford to buy a property of this standard at the usual asking price.

“Pennant was originally formed with the intention of helping as many first time buyers get onto the property ladder as possible and so it feels very fitting for us to work with Swansea Council to roll out this scheme.”

Applications for the low cost home ownership scheme will be assessed on the individuals’ circumstances and eligibility.

Councillor Andrea Lewis, Cabinet member for Next Generation Services said “Swansea Council is committed to doing everything it can to ensure everyone has access to a decent, affordable home that meets their needs.”

For more information on the properties available through the scheme, visit www.swanseahousing.co.uk/