Key worker housing scheme 'hit by crisis'

16-Oct-2006

The new scheme to make housing more affordable for key first time buyers is facing a crisis, according to new claims.

According to a recent BBC Five Live report and the claims of a "university expert", the first time buyer housing scheme would be more beneficial to key workers if it focused on more "modest" housing locations, reports the Press Association.

The BBC report cited the Chelsea Bridge Wharf development, a recipient of around £2 million in funding for the scheme that is believed to house very few key workers.

"In terms of targeting resources most effectively, frankly it would be better to take the cash from the developer to develop affordable housing in more modest areas," said Professor Steve Wilcox, an expert on housing from York University.

Furthermore, Adam Sampson, director of Shelter, has called upon a reappraisal of what it means to be a key worker.

The government's key worker housing initiative was launched with the aim of helping around 20,000 key first time buyers purchase a property that they would otherwise be unable to afford.

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

Click here" for further information on finding a deposit.

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