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Rishi Sunak set to announce 5% deposit mortgage scheme to help first-time buyers

“I want generation rent to become generation buy”

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Number 10/Flickr & Bill Boaden/Geograph

Chancellor Rishi Sunak is set to announce a 5% deposit scheme to help first-time buyers get on the property ladder. 

Sunak has revealed plans to incentivise lenders to provide mortgages to first-time buyers and current homeowners with just 5% deposits on properties worth up to £600,000.

He is set to provide details on how the government will offer lenders the guarantee they require to provide mortgages covering the remaining 95% this Wednesday.

Due to the economic impacts of the coronavirus pandemic low-deposit mortgages have ‘virtually disappeared’ explains The Treasury.

RishiSunak/Twitter

Prime Minister Boris Johnson said: “I want generation rent to become generation buy and these 95% mortgage guarantees help to deliver this promise.

“Young people shouldn’t feel excluded from the chance of owning their own home and now it will be easier than ever to get onto the property ladder.”

The scheme is set to be subject to the usual affordability checks and will be available from April. 

It’s based on David Cameron and George Osborne’s 2013 Help to Buy scheme that ended in June 2017. The scheme reportedly helped over 100,000 households but concerns were raised that it artificially inflated prices and housebuilder’s profits.

Shadow Housing Secretary Thangam Debbonaire raised concerns regarding the plans saying: “What young people need to get on is the secure future that comes with a decent job and genuinely affordable new houses to be built for them to make homes of, not going back to the days of sky-high mortgages.”

The Chancellor warns he is set to ‘level with people about the challenge’ and the damages of the pandemic spending.

He said: “We went big, we went early, but there is more to come and there will be more to come in the Budget. But there is a challenge and I want to level with people about the challenge.”

The government is reportedly braced for the possibility of rebellion from Tory MPs over tax rises. One member of the Northern Research Group Carlisle MP John Stevenson, suggested the Chancellor should wait until autumn before winding up support packages.

Speaking on BBC’s Radio 4 Today programme he said: “We’re not through the pandemic yet, we’ve still got a few months to go, so we want to see continuing support and we’ll probably have a much better idea of where the economy is come the autumn.

“As soon as we can get back to that levelling-up agenda which we were all elected on in 2019, we believe that in the north we have a major contribution to make to the recovery.”

Bill Boaden/Geograph

However, former Chancellor Lord Ken Clarke said Mr Sunak ‘must look at’ raising such things as VAT, national insurance and income tax. 

Lord Clarke told Today: “Sensible people know in their bones that all this emergency government spending is going to have to be paid for and is going to be a burden on them.

“The manifesto you refer to was written by a couple of apparatchiks in the office halfway through the campaign.”

He said it would be ‘quite sensible’ to look at raising corporation tax with it being at ‘quite unnaturally low levels’.

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Brand new Stockport interchange with rooftop garden now open

It opened this morning to welcome its first passengers

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Bee Network / Facebook

The brand new Stockport transport interchange is now open for passengers.

Passengers can now use the interchange to catch buses to and from Stockport, and make use of the Bee Network.

The stops at Heaton Lane bus station are now closed, and passengers who previously caught a bus from here can now use the new interchange.

Bee Network / Facebook

The interchange is part of an exciting £1 billion investment into the town to make it an even better place in which to live, work, play and connect.

Key design aspects of the new development include a fully accessible under cover passenger concourse with a seating area, cycle storage facilities, travel information on screens and a travel shop.

Other facilities include fully accessible toilets with baby changing and Changing Places facilities.

Bee Network / Facebook

The modern interchange holds 18 bus stands, with capacity to accommodate 164 bus departures per hour to allow for future growth in bus services.

It also holds a unique and lush green space on the roof, which is a welcomed addition for everyone to enjoy .

The rooftop park has been delivered, in collaboration with the Environmental Agency and features a ‘blue-roof’ drainage system that will capture and store rainwater to allow control run-off into drainage outfall and watercourses mitigating any flood risk.

Bee Network / Facebook

Visitors can use the eye-catching spiral cycle and walking ramp, which connects to the new park as it spans across the Mersey Frontage, Trans Pennine Trail and the River Mersey.

Stair and lift links between the new park, interchange and Trans Pennine Trail to make it accessible for all.

And on top of all that, 196 new, high-quality residential new, high-quality residential apartments off Daw Ban (126 two-bedroom, 70 one-bedroom) tower above this stunning rooftop park and Stockport’s contemporary transport hub – with views spanning across the town.

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Body found near swing bridge in search for missing man from Eccles

Sad news

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Greater Manchester Police & warhead / Flickr

A body has sadly been found near Barton Swing Bridge in the search for a man who went missing from Eccles last week, police say.

Andrew Heys, from Eccles, was last captured on Ring Cam walking along Barton Lane in the direction of Barton Road at 3.43am on Tuesday, March 12th.

Andrew had been described as ‘vulnerable’ and requiring regular medication.

Greater Manchester Police

The body was recovered from the Barton Bridge area of Salford, following a search of the surrounding areas on Saturday, March 16th.

Although a formal identification is yet to take place, Andrew’s family have been informed of the update and are currently being supported by specialist officers through this distressing time.

The death is not being treated as suspicious and a file is currently being prepared for the coroner.

Greater Manchester Police

Detective Inspector Mike Sharples, from GMP Salford, said: “Our thoughts and deepest condolences remain with Andrew’s family and friends at this time.

“Officers and specialist resources have been working around the clock and through the night to find Andrew since he was first reported missing to us, and I would like to thank members of the public who shared our appeals and assisted with our investigation.

“Our priority now is to make sure we can do everything possible to support the family and get the necessary answers for his loved ones, but I would ask that the family are given privacy during this time.”

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New shipping container street food village to open in Wigan

Great news for Wigan!

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STACK & @stacknewcastle / Instagram

Container street food village brand STACK has confirmed its expansion with a brand new opening coming to Wigan.

The group will take over the former Debenhams unit in the town centre’s Grand Arcade.

The proposed development will see the site capable of holding up to 2,000 people and offering a wide range of music and entertainment as well as bars and street food vendors.

STACK

Plans will see a new frontage created on Concert Square, with STACK making a welcome addition to the leisure venues at the Grands Arcade – also home to games and activity centre Gamer X – and boosting Wigan’s night time economy.

Announcing the expansion, Neill Winch, STACK Managing Director, said: “We are incredibly excited to be bringing STACK to Wigan.

“The Grand Arcade is a stunning location with a rich history, and we believe that STACK will be a perfect fit for its vibrant atmosphere and growing community.

@stacknewcastle / Instagram

“We are committed to creating a space that not only entertains but also fosters a sense of belonging and community, and we can’t wait to welcome Wigan residents and visitors through our doors.”

STACK first opened in Newcastle in August 2018 and was a huge success attracting over 3 million visitors in its first four years. It currently also operates sites in Seaburn, Sunderland.

STACK is also set to open sites in Manchester, Lincoln, Northampton, Durham, Carlisle, and Bishop Auckland, with two more planned in Newcastle.

The opening date for STACK Wigan will be confirmed once planning permission is secured.

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