PEOPLE across North Tyneside are now a step closer to owning their own home thanks to new government measures.
Recently the government has announced the details of a reinvigorated Right to Buy scheme, which means tenants could benefit from a discount of up to £75,000 on their council house.
The government is also helping first-time buyers get their foot on the housing ladder by launching an additional scheme, which guarantees mortgages of up to 95 per cent for new build houses.
The ‘NewBuy Guarantee’ means that instead of a typical buyer requiring a £40,000 deposit for a £200,000 property, they will now only need £10,000.
I think that everyone in the borough should have the chance to own their own home, whether it is their first or the home they have shared for years.
I believe we should be committed to supporting those who aspire to own their own homes.
The average Right to Buy discount, as a percentage of the market value of the property, fell from 50 per cent in 1998-99 to 24 per cent in recent years.
In North Tyneside the current discount for social tenants is £22,000. This action by the government will raise this to up to £75,000, empowering social tenants to make their council house their home.
COUN GEORGE C WESTWATER