Affordable housing scheme for Lake District

18-Apr-2006

A series of affordable homes are set to be built in Cockermouth and Keswick in the Lake District in a bid to ease the housing crisis in this part of the country.

Allerdale council has been given an £11.2 million grant by the government to help build a series of rented accommodation and low-cost housing across the borough, reports the Times and Star.

It is anticipated that 201 new homes will be built in an attempt to help aspiring homeowners get a foot on the property ladder.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker.

This news comes in light of an announcement by the Land Registry that house prices soared by 17 per cent in Allerdale last year, with the average home now costing £152,418.

Work on the affordable housing scheme is expected to start later this year and will be complete in two years' time.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000

"The situation in Cockermouth is critical. The only people who can afford to buy in the town are those that sell up and come from away," town mayor Alan Smith told the newspaper.

"The only answer is to build more houses and make them available for rent," he concluded.

Mortgage lenders have risen to the challenge of creating a growing number of options for first time buyers.

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