THE first people have moved into a formerly derelict 200-year-old building in a Gwent town as part of a new scheme aimed at helping first-time buyers.
A £3.8 million restoration of the Clarence Hotel in Pontypool was unveiled this afternoon.
The 19th Century building which sits at the gateway to the town, now houses a mixture of 14 flats, a conference centre, and offices.
And part of the project provides affordable housing for first-time buyers.
In July the Argus revealed house prices in Pontypool rocketed by 10 per cent over the previous 12 months, and last week we reported that families in Monmouthshire faced house prices of five times their income.
Four flats priced at about £75,000 each were made available in the Clarence under a scheme called Help to Own.
The initiative enables first-time buyers to get on the property ladder by purchasing a home by shared equity with a backer stumping up a percentage of the property price.
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