The shared ownership scheme will be broadened so that buyers can use the system more than once, David Cameron has announced.
People already living in a shared ownership home will be able to move to another, allowing them to use the capital they have gained.
Restrictions on the scheme will be dropped, such as limiting eligibility to key workers. From April, anyone earning below £80,000 across England and £90,000 in London will be able to use the system.
Cameron stated: “So many people are attracted to this idea, especially those who thought they’d never have a chance of owning a home.
“But, because it’s been heavily restricted, many of those people have missed out. We’ve had local councils dictating who is eligible, based on everything from salary to profession to where the buyer comes from.”1
In cheaper parts of Britain, buyers will be able to use the Help to Buy scheme to purchase a shared ownership home with a deposit of just £1,400.
A recent report from Leeds Building Society found that there were many misconceptions about shared ownership, including that these properties are difficult to get mortgages for.
Managing Director of the National Association of Estate Agents (NAEA), Mark Hayward, comments: “It’s welcome news that the Government is putting the proposed plan for expansion of shared ownership into action.
“By relaxing some of the existing restrictions, a potential 175,000 aspiring homeowners will be given the opportunity to own their own home, as well as allowing existing shared ownership homeowners the opportunity to step up the ladder.”1
1 http://www.propertyindustryeye.com/cameron-announces-broadening-of-shared-home-ownership-scheme/