Prospective home owners in the Gateshead Council area have been handed a boost after the council's cabinet approved plans to introduce a shared ownership policy.
The move will allow people who want to own their own homes but are financially unable to do so to purchase as little as 10 per cent of the property, while paying an affordable rent on the remaining share which would be owned by Gateshead Council.
The buyer would then be able to purchase more of their home via a process known as 'staircasing', eventually building up to 100%. If repayments become difficult, they would be able to sell equity in their home back to the council.
