Coast & Country says the decision to give the go-ahead to 25 new homes in Guisborough is fantastic news for families in the town and is the result of a multi-million pound investment.
Planning consent has been agreed for twenty five three-bedroom houses to be built on land near Woodhouse Road. Work will start as early as next month, with the first homes ready to move into early next year.
Iain Sim, Chief Executive said: “This is a very exciting development and represents inward investment of around £2 million. Guisborough, quite rightly, is a very popular place to live. But because of that prices are high and it is difficult to get that all-important first foot on the property ladder.“
To help families, 13 of the houses are being offered as shared ownership through the Company’s Times4 brand. Shared-ownership enables the cost of the home to be split between a proportion of the mortgage as well as rent. As a result families who fall outside the mortgage market are given a helping hand to buy a home of their own in the area they have lived for most of their lives.
Redcar and Cleveland Council Leader Councillor George Dunning welcomed the scheme. He said: 'This form of spilt ownership allows people who would not normally be able to get on the housing ladder to receive a leg up into home ownership, which they may never have got if these schemes were not available.'
Iain Sim said: “There has probably not been a more difficult time to take out a mortgage, but – for many people – that dream of home ownership is as strong as ever. Not only does Times4 help local people achieve that ambition, it will also provide them with an affordable home of very high quality.”
Julie Jacques, Head of Investment for the Housing Corporation in the North East, which helped fund the Guisborough development and other affordable housing schemes across the region, said: “This is excellent news for families in Guisborough and demonstrates that good quality housing in very popular areas can be made affordable for people either through rent or shared ownership.”
Coast & Country is investing tens of millions of pounds on a number of development projects across Redcar and Cleveland from the Westfield Estate in Loftus to Norham Walk, Ormesby through the regeneration of estates and the construction of new homes.