New criteria for Social HomeBuy scheme announced

16-Feb-2007

New criteria for the purchase of social housing were announced earlier this week, which may be of interest to potential first time buyers.

Announced by communities secretary Ruth Kelly, the new proposals would allow tenants - who are possibly first time buyers - to purchase a minimum ten per cent stake in their home, with the option of increasing the owned equity at a later date.

Current regulations stipulate a minimum purchase of 25 per cent.

For information about New Build HomeBuy, key worker schemes and shared ownership, click here.

"We welcome the government's decision to lower the minimum proportion at which tenants can buy into the Social HomeBuy scheme," said councillor Jamie Carswell, executive member for housing at London Council.

"This is a move we specifically called for last year, and we are pleased to see that Ruth Kelly has accepted our arguments," he added.

The Social HomeBuy shared ownership scheme allows tenants to purchase their property in full or in part, with any unowned share of the equity covered by rent payments.

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