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Scheme extended to all
earning less than £60,000
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Shared ownership scheme extended to help first time buyers
Garnet Roach garnet@consumerchoices.co.uk
All first time buyers earning less than £60,000 will now be eligible for the Government’s HomeBuy programme it was announced today (16-05-08).
Previously only available to social tenants and “key workers” such as teachers and nurses, the HomeBuy programme allows first time buyers to part buy a property. It will now be extended to all first time buyers earning less than £60,000 in a bid to help those struggling to get on the property ladder.
Prime Minister Gordon Brown made the announcement today and also promised £200 million for new properties for social housing or for buyers to purchase under the HomeBuy scheme.
HomeBuy allows owners to purchase a minimum of 25 per cent up to a maximum of 75 per cent of their property, with the remaining rent staying at an “affordable” rate, and homeowners can gradually increase the amount they own as funds allow.
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"These measures are just a drop in the ocean in tackling Britain’s endemic housing crisis"
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So far the scheme has helped around 95,000 people buy their first home.
However, Adam Sampson from housing charity Shelter warned The Times that “these measures are just a drop in the ocean in tackling Britain’s endemic housing crisis. There are still 1.6 million people on council house waiting lists, almost 80,000 households trapped in temporary accommodation, first time buyers struggling to get on the property ladder and thousands of hard working families threatened with repossession”.
Chris Eagle, CreditChoices.co.uk commercial manager, added: “Although the extension of this scheme will help thousands more people get on the property ladder, people still need to be careful not to buy too hastily and overstretch themselves as the current credit crisis continues and house prices keep on falling.”
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