TIME is running out for house hunters wanting to live on a recently-built East Shields estate.
Housebuilder Bellway has just one two-bedroom apartment left on Sunderland Road, Cleadon Vale, after a number of people took advantage of the Government’s Help To Buy scheme.
The incentive means buyers only have to find a five per cent deposit and can also benefit from interest-free loans
Bellway’s sales manager Dave Meacham said: “The apartments have been extremely popular with people downsizing from larger homes in the area, and with first-time buyers looking to get on the property ladder by taking advantage of the Help To Buy scheme.” Mr Meacham said that rental values for a two-bed property in the area are about £450 a month, but the Help To Buy scheme means only a five per cent deposit of £5,000 would be needed.
Buyers can also take advantage of a five-year 20 per cent interest-free Government loan, which would mean that monthly payments, based upon a current Halifax mortgage rate of 2.94 per cent, would amount to £355 a month – cheaper than renting.
Cheryl Collins, a school worker, moved to Cleadon Vale a year ago.
She said: “I am really pleased that I moved here.
“The finish and quality of my home was excellent.
“In comparison to how the area looked a couple of years ago, there has been a huge transformation for the better.
“Cleadon Vale is now a really comfortable and safe residential suburb.”