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More than 700 people registered an interest in Own Homes, a new rent-to-buy scheme on the island, in the 24 hours after it launched, Manx Radio has reported.
The venture was founded by Chris Lee, whom the broadcaster described as a local housing expert. Tenants on the scheme have a share of their monthly rent put aside. After five years, that money can go towards a deposit to buy the home they have been renting.
Mr Lee hopes the scheme will make it easier for young people to buy their first home. According to Manx Radio, he called the housing situation they face an “injustice”.
He told the broadcaster that he had identified a problem on the island and set up the business to try to help address it.
Manx Radio did not report how many properties will be available or where they are. It also did not give rent levels, the proportion of rent that will be set aside, or who will be eligible to join.
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