Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Stoke-on-Trent council aims to boost homeownership

homeownership

Nearly 62 per cent of households in the city are owner occupiers, compared to 66 per cent nationally

Increasing the number of homeowners is set to be a top housing priority for council leaders over the next five years.

Boosting owner occupation in the Potteries region is one of three highest priority areas under Stoke-on-Trent City Council’s new draft housing strategy.

According to the latest figures, nearly 62 per cent of households in the city are owner occupiers, compared to 66 per cent nationally.

The draft housing strategy says this is due to a lack of affordable housing choices which would allow people on lower incomes to jump from other tenures.

Council chiefs believe that increasing owner occupation will allow more people to invest in the city themselves, plan their long term future here and then reap the rewards of its continued success.

Councillor Carl Edwards, cabinet member for housing and the environment, says the aim of the strategy will be to improve the offer across all housing tenures in Stoke-on-Trent.

He said: Prior to the pandemic, the city was undergoing the most significant economic transformation for more than 30 years, outstripping other parts of the UK in terms of economic growth, job creation and innovation. Our focus as a council is to ensure our economy rebounds and housing will play an important role in this recovery.

Our latest housing strategy outlines our ambitious plans to meet the changing needs of our residents over the next five years. We intend to build on our recent successes by having the necessary framework in place to improve our housing offer, provide high quality places to live and attract further investment in the city, he said.

This is about ensuring residents have the right choice of housing for every stage of their life, and creating a real step change in the city’s housing offer, he said.

He said: We want to hear from residents and stakeholders in the area and I encourage everyone with an interest in the future of the city to participate in the public consultation when it gets under way.

The draft strategy says that one of the problems which is holding back owner occupation in Stoke-on-Trent is the lack of shared ownership properties, with only around 11 such homes being built in the city each year.

The strategy states: The home ownership rate in Stoke-on-Trent has been consistently below the national average. In order to address this disparity, and in the context of the national commitment, we want to provide our residents with the option to step into home ownership.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.