Gentoo Group, the people, planet and property company, has unveiled Genie, a brand new home purchase plan that will help first-time buyers and long term renters on to the housing ladder without the need for a deposit or mortgage.

With 64 per cent of 20-45 year olds believing they have no hope of ever owning a home, Genie will provide a new solution to the problems many would-be buyers face and a completely new consumer choice for the future when it comes to purchasing a property.

Genie works by allowing buyers to acquire an increasing share in their property through a structured 25-year payment plan. Genie purchasers have the same rights as a traditional homeowner and pay a monthly residency fee which is adjusted every five years. The home purchase plan is fully flexible so Genie purchasers can opt out of it at any stage by selling their accumulated shares back to Gentoo or putting the property on the open market.

Genie will initially be rolled out across the North East of England and is currently available on 60 new-build homes, although Gentoo intends to grow this to 100 properties by the end of the year. Gentoo has ambitions to take Genie nationwide and is hoping to make it available in four more locations by the end of next year.

Peter Walls, Chief Executive of Gentoo Group, said: "Genie has been in development for two years and we genuinely believe that it addresses one of the major housing issues of our generation. It removes two significant barriers to homeownership - the need for a large deposit and a mortgage. Most importantly it offers people the accessibility of renting and the peace of mind that comes with the secure long term residency of home ownership."

For more information please call on 0845 601 7599 or visit justaskgenie.co.uk