Shared ownership scheme boost for first time buyers

The government is to relax the criteria for those who are eligible to apply for the scheme from April 2016, opening it up another 175,000 potential homeowners across the country.

A deposit of as little as £1,500 could be enough to see people gain homeownership as the government strive to help a million more people onto the property ladder.

Under the new measures, the shared ownership scheme will be made available to people of any occupation. Income caps will also be increased, allowing families earning up to £90,000 in London and £80,000 elsewhere to be potentially eligible.

It means a family in the North East for instance could need a deposit of just £1,500 to buy a 25% share in a typical shared ownership property in the region.

Communities Secretary Greg Clark said: “We’re determined to ensure that hardworking people right across the country once again see home ownership as an achievable ambition to achieve.

“Shared ownership schemes have proved a real help to first-time buyers, but punitive restrictions have locked too many out of this opportunity to buy.

“These changes will open the door for thousands of people across the country to own their own home.”

Housing Minister Brandon Lewis said: “We believe that anybody who works hard and aspires to own their own home should have the opportunity to realise their dream.

“Shared ownership is a great way for people to achieve that with just a fraction of the deposit they would normally need. Now thanks to our vision thousands more people will be able to benefit from this scheme.

“It’s all part of a national crusade to turn generation rent into generation buy, helping one million more people into homeownership.”

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