MINERS AS OWNERS.

Press, Volume LXVI, Issue 20108, 11 December 1930, Page 4

MINERS AS OWNERS.

COMPANIES' HOME-BUILDING SCHEME. Financial co-operation between colliery companies, the Government, and individual miners has made it possiblo fof 1300 miners in the Easington rural district, near Durham, England, to build their own homes. When-a group of miners, dissatisfied with existing living conditions, went to the company and asked for assistance, the directors set about devising a plan. As a result, they offered to give each man who was ready to coOperate a piece of land freehold, averaging 260 sq yards. This gave room for a house with two or three bedrooms and a garden in front rind at the back. All legal charges were paid by the company, with the exception of Government stamp duty. Each man wishing to buy a house had to put down a £5 deposit. The Subsidy available from the Government and from the local authorities amounted to £B9. Money was lent by the Oompanj to each man, on which interest at 3 per cent, was payable, so "his money was lent on a mortgage, secured land and building. The net cost of a house containing a Jiving room and three bedfooms was £262 12s Gd. Each holt so was fitted with electric light and other conveniences. The purchaser signed an agreement, which authorised the company to deduct from his wages a sum of not less than 7s a week in repayment of principal and interest of the cash advanced. He had, of course, no rent to pay. If these payments ore maintained regularly the house and the land will become his freehold property in about 14 years' time. If any man cares to pay a larger sum each week, it will come into his possession earlier. If he has to leave the district, the company has the option of purchase at an agreed figure, or he may sell the house to another employee of the company. Iri one district alone 20 miners have already paid off the' mortgage balance and beooino solo owners.