Are you on the hunt for a new home in the Ribble Valley? If so, you may have come across the term “106 agreement” while browsing houses for sale. Here`s what you need to know about these properties.

Firstly, a 106 agreement is a legal agreement between a property developer and the local council. It sets out the conditions for the development of a new property, specifying things like the number of homes to be built, the facilities that need to be included, and the amount of affordable housing that must be provided.

When you see a house for sale that is listed as a “106 agreement property,” it means that it was built as part of a larger development that included affordable housing. These homes are typically sold at a lower price point than other properties in the area, making them an attractive option for first-time buyers or those on a tighter budget.

In the Ribble Valley, there are currently several 106 agreement houses for sale. These range from one- and two-bedroom apartments to three- and four-bedroom family homes. Some of these properties are located in new developments, while others are part of older estates that have been refurbished and updated.

One of the benefits of buying a 106 agreement property is that it can be a good investment. As the local council often sets strict guidelines for the development, you can be assured that the property has been built to a high standard and with sustainability in mind. This can make it more desirable to future buyers when it comes time to sell.

However, it`s important to note that there may be restrictions on these properties. For example, you may not be able to make substantial changes or alterations to the property without first seeking permission from the local council. Additionally, you may be required to sell the property back to the council or to another buyer who meets certain criteria if you decide to sell in the future.

If you`re interested in buying a 106 agreement property in the Ribble Valley, it`s essential to do your research and ensure that you understand all the terms and conditions associated with the purchase. Speak to a local estate agent or solicitor for more information and to view properties that are currently on the market.

In conclusion, 106 agreement properties can be an attractive option for those looking to buy a home in the Ribble Valley. With a range of properties available at lower price points, they offer an affordable way to get on the property ladder. Just be sure to review all the terms and conditions associated with the purchase before making an offer.