Located in Newbiggin Hall, the 2- and 3-bedroom homes offer an opportunity to own a new build home for a fraction of the initial outlay that a traditional purchase would need.
You can purchase a home through the council’s shared ownership scheme, buying a share of the property ranging from 10-75%, and pay rent to the council on the rest. Your deposit, traditionally between 5% and 10% of the full property value, is based only on the share you are purchasing, meaning that this will be significantly lower than what would be needed if you were purchasing using a traditional mortgage. Purchasing a share still gives you the full rights of a homeowner.
The table below demonstrates how shared ownership works.
| Property | Cost | Buy Share / Equity | Cost |
Rent Per Month |
| 2 bed house | £130K | 10% | £13,000 | £243.75 |
| 20% | £26,000 | £216.67 | ||
| 30% | £39,000 | £189.58 | ||
| 40% | £52,000 | £162.50 | ||
| 50% | £65,000 | £135.42 | ||
| 75% | £97,500 | £67.71 | ||
| 3 bed house | £160K | 10% | £16,000 | £300.00 |
| 20% | £32,000 | £266.67 | ||
| 30% | £48,000 | £233.33 | ||
| 40% | £64,000 | £200.00 | ||
| 50% | £80,000 | £166.67 | ||
| 75% | £120,000 | £83.33 |
Cabinet member for a Living City, Councillor Paula Maines said: “Being a city of culture, Newcastle is a great place to live and we always aim to create innovative solutions to help residents to stay and thrive in the city where possible. We know that for many home ownership is just a dream, but we want to make this a possibility wherever we can and our shared ownership scheme provides potential buyers with an opportunity to get onto the housing ladder.
“The selection of homes available at Newbiggin Hall are stylish, well designed, economical homes in a great location. As a council, we believe that everyone has the right to a safe, affordable home. We continually reinvest our money back into our homes, services and communities to create amazing places where people are proud to live.”
In keeping with the community spirit in the area, the streets that the new homes occupy - Border Hills Road and Rochester Drive – have been named by local residents of Trevelyan Court. The homes are expected to be ready to move in to towards the end of this year. Prices for a 2-bedroom property start from £130,000.
If you’re interested, contact Rook Matthews Sayer who are marketing the homes on behalf of the council. They can be contacted by calling 0191 267 1031 or by emailing westdenton@rmsestateagents.co.uk.
Newcastle City Council is also in the process of developing further Shard Ownership properties in other areas of the city and will be releasing further information about these homes soon.