Stockport Labour Group has welcomed a report produced by Stockport Council which brings forward proposals that act on Labour’s calls for support for first-time buyers. 

In January 2013, the Labour Group called for the Council to introduce a Local Authority Mortgage Scheme which would help first-time buyers secure mortgages that are otherwise unaffordable. (A copy of the press release from January can be found at the foot of this press release).

Labour called for a scheme adopted by other Labour-run Councils which would allow first-time buyers to increase their deposits from 5% to 20% which makes mortgages more affordable and in the reach of more Stockport residents. The scheme is funded by a cash indemnity that the Council places with a bank.

Leader of Stockport Labour Group, Cllr Andy Verdeille, urged the Council to support the scheme saying: “We have a housing crisis. There aren’t enough affordable homes being built in Stockport and the price of a typical home for a first-time buyer is out of the reach of many people. The Labour Group proposed a Local Authority Mortgage Scheme in January and I am pleased that the Council has come forward with a proposal that we can look at and hopefully take forward.”