First sale completed on Gateshead housing initiative.
New homes that act as a step on the property ladder have welcomed their first residents in Gateshead.
A sale on the first of 13 ‘shared ownership’ homes in Kibblesworth, Gateshead has recently completed.
Shared ownership is a new way to help first-time buyers to get on to the property ladder, available through The Gateshead Housing Company’s subsidiary Keelman Homes.
The government-funded part-buy/part-rent initiative has seen two- to five-bed homes being built in the Kibblesworth area.
The first sale was recently unveiled by Keelman Homes Board Chair Brian Kelly.
He said: “I am delighted that through our shared ownership scheme we have been able to help someone on the housing ladder.
“Shared ownership is more flexible for today’s market, as buyers can purchase a stake in a property and then increase their share through ‘staircasing’ at a later date if they choose.
“As there are only a few homes left in the Kibblesworth scheme do not delay and call us on 0191 433 5396 to register your interest.”
Customers can opt to initially buy anything from 25% to 75% of the property value, and then pay rent on its remaining share.
Applications for homes in Kibblesworth will be assessed by Isos, the HomeBuy agent for Tyne and Wear appointed by the Homes and Communities Agency, who will determine whether customers can afford to buy a property without assistance and getting into financial difficulty.