Newspaper article The Journal (Newcastle, England)

Home Ownership Scheme Goes to Capital

Newspaper article The Journal (Newcastle, England)

Home Ownership Scheme Goes to Capital

Article excerpt

SUNDERLAND housing group Gentoo has signed a deal with the Greater London Authority to take its Genie home purchase scheme to the capital.

The company is now seeking partnerships with developers in London to deliver 2,000 new homes over the next 10 years.

Genie is a 30-year homeownership plan which doesn't require a mortgage or deposit. It was set up by Gentoo to help first-time buyers and long-term renters who want to move into home ownership.

The scheme has been successfully introduced in the North East, where it has seen 94 families move into their own homes.

Gentoo chief executive Peter Walls said: "We're thrilled that the GLA has recognised Genie is an innovative solution to help firsttime buyers and we look forward to seeing people move into their own homes.

"We created Genie after asking ourselves the question where are our children going to live? We recognised that there is a large section of society who would like to own their own home but who have been unable to. …

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