160,000 more first time buyers to 'benefit' from shared equity scheme

12-Dec-2006

Around 160,000 more first time buyers are expected to benefit from an extension of the Open Market HomeBuy scheme.

Announced as part of the chancellor's pre-Budget report on Wednesday, the government will allow first time buyers to apply for the scheme from April 1st 2007, basing their application on their entire financial situation, rather than just income multiples.

Of the additional 160,000 beneficiaries of the scheme, the government anticipates that around 120,000 will be helped through government-assisted programmes, with a further 40,000 first time buyers aided through private-sector shared ownership options.

However, there is concern that without a swift reform of the planning application process, a widening of the scheme will only act to increase the cost of housing.

"It is essential that [planning reform occurs,] as if there are not enough suitable properties on the market, shared equity will only serve to push prices up higher," said Philip Davies, chief executive of Linden Homes, a property developer.

For more details on the government’s Open Market HomeBuy scheme and shared equity, click here.

To obtain a quote for a shared ownership mortgage, consult a good broker.

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