STRUGGLING first-time buyers can get on the property ladder following the launch of a new affordable housing development in Hartlepool.
The homes at Alexandra Square, in Raby Road, are being sold under the Government’s Help to Buy scheme.
It means people earning as little as £14,000 a year can buy one of the £80,0000 two-bedroom homes through a 35-year mortgage.
Christine Harrison, sales director for builders Keepmoat North East, said: “The exceptional value of the homes available at Alexandra Square mean many more local people can now aspire to buying their own home, with potential monthly mortgage repayments as low as £230.
“Even with the falls we have seen in property prices in recent years, getting on the housing ladder can be difficult for those who do not have substantial incomes.
“Keepmoat is putting new homes on the market that are reflective of the salary levels for many who work in the town.
“With affordable mortgages available, which work out substantially cheaper than renting a similar sized property in the area, we are opening the door to home ownership for many more local people.
“Combined with Help to Buy, it makes purchasing a new home an increasingly attractive proposition for first and second-time buyers.
“And with a choice of homes on offer at Alexandra Square there’s something for everyone, whether families or young professionals.”
Alexandra Square comprises 83 two and three-bedroom homes located in the Dyke House area of Hartlepool.
It is part of a £9 million regeneration scheme, and which is a North Central Hartlepool Masterplan.
The development is being funded jointly by Keepmoat, Hartlepool Borough Council and the Homes and Communities Agency (HCA).
Through the Help to Buy scheme buyers can secure a property for a minimum deposit of £4,000.
A 35-year mortgage can be used to fund 75 per cent of the purchase price, while the remaining 20 per cent is funded through a loan from the government of up to 25 years.