COMMENT - First Time boost is key

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MANY forecasters insist that re-igniting the stuttering housing market will be a key ingredient in helping to get the economy back on track.

So the Council is to be congratulated on its forward-thinking and pro-active stance in clearly attempting to do what it can to help first-time buyers onto the new homes ladder.

Town hall chiefs have already guaranteed £1m into the Local Lend A Hand mortgage indemnity scheme in partnership with Lloyds TSB which allows people buying their first home to get a mortgage on more affordable lending rates.

Home buyers with a deposit of five per cent can borrow at rates normally reserved for borrowers with a 25 per cent deposit.

It has been such a success that it has already been fully subscribed with 40 buyers signed up, many already in their homes.

Now another strand of its Affordable Homes programme – a Shared Equity Scheme with Taylor Wimpey Homes at the former Nobel’s site in Shevington – has been officially opened by the Mayor. Again very welcome.