Poll: £40k help for home buyers

PUBLISHED: 11:56 24 June 2015 | UPDATED: 12:23 24 June 2015

For sale house prices. Picture: PA Images/Yui Mok

For sale house prices. Picture: PA Images/Yui Mok

PA Wire/Press Association Images

Council tenants could get up to £40,000 towards the cost of a new home after the proposal was given the go-ahead last night.

The pilot scheme, approved at a meeting of Barking & Dagenham cabinet, is open to residents on estates up for renewal in the borough, such as the Gascoigne Estate.

The £1.2m funding from central government will be ‘topped up’ with the existing estate renewal budget of £400,000, to create 40 cash incentive payments of £40,000.

These will be initially targeted at those most eligible – for example older residents or those wishing to stay in the borough – as the council assesses how popular the proposal is likely to be.

“It’s a good scheme for the council and a good scheme for residents,” said leader Darren Rodwell.

The £40,000 would not be paid directly to the tenants who qualify but through their solicitors at the time when they complete the purchase of a property. The tenant will also be required to provide proof that they can afford to purchase a property.

In the last four years the council has helped developers build 3,000 homes in the borough – with another 35,000 set to be built.

If you value what this story gives you, please consider supporting the Barking and Dagenham Post. Click the link in the orange box above for details.

Related articles

Become a supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Latest from the Barking and Dagenham Post