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First-time buyers get property solution.

by tac & filed under Gateshead Council, Keelman Homes, Kibblesworth, The Gateshead Housing Company

A fantastic opportunity to help first-time buyers to get on the property ladder has been launched by Keelman Homes, a subsidiary of The Gateshead Housing Company.

13 two- to five-bed homes will soon be available for ‘shared ownership’ in the south Gateshead estate of Kibblesworth.

Shared ownership is a government funded part-buy/part-rent scheme to help first-time buyers to become home owners.

Customers can opt to initially buy anything from 25% to 75% of the property value, and then pay rent on its remaining share.

Sarah Thompson, Head of Finance at the housing company, feels this is a great opportunity for people looking for their first home.

“We all know how difficult it can be for first-time buyers and we are delighted to be able to help people to make that first step with this more affordable option.

Shared ownership is a more flexible option for today’s market, as buyers can purchase a stake in a home, and then increase their share through ‘staircasing’ at a later date if they choose.

“These modern homes all have photovoltaic roof panels making them energy efficient, and come complete with a new kitchen, bathroom, allocated parking and a private garden.”

For more information on the scheme call 0191 433 5396.

Applications 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.

The homes are part of a wider development that has transformed the village over the last two years.

Keelman Homes, who will manage the shared ownership properties, was established by the housing company to enable the Kibblesworth development.

The project has seen almost 150 new homes being built – some for social rent, some to be sold on the private market and the others for shared ownership.

Keelman Homes has built the majority of the properties with overall site constructor Keepmoat.

Gateshead Council has contributed the land to enable the scheme to go ahead.