Property Buying Guide
Will shared ownership really enable more first time buyers to a first home?
Surveys suggest that the number of first time buyers is historically low. One factor is that average house prices are now over five times the average income. In fact, buying a home in the conventional way is unachievable for most first time buyers. Shared ownership may be the only option for many first timers in the current climate. Shared ownership is the keystone of the Government's housing solutions and plans and they are committed to it in the form of millions of new properties over the coming years.
HomeBuy shared ownership and shared equity schemes will undubtedly enable more first time buyers to buy a first home.
More about shared ownership:
What is New Build HomeBuy and how does it work? l Who is eligible and what are the selection criteria? l Special features and how to apply l What is involved with shared ownership and who can apply? l How do I increase my share and how much do properties cost? l What rights and responsibilities do I have? l Are there restrictions on resale? l Can I buy with someone? And what about finance and legal issues? l Where do I start and what happens next? l What questions should I ask? l Shared Ownership Mortgage basics l Benefits and pitfalls of shared ownership l Shared ownership schemes run by house-builders l The First Time Buyers Initiative/English Partnerships
www.communities.gov.uk
www.englishpartnerships.co.uk
www.homesandcommunities.co.uk
www.direct.gov.uk