Property

Shared Ownership criteria eased by government

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7th January 2016
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175,000 more people will potentially be eligible for Shared Ownership schemes across the country as the government announces that it is to relax the criteria for those who can apply from April.

Under new measures the scheme will be opened up to people of any occupation while income caps will also be raised, meaning families earning up to £90,000 in London and £80,000 elsewhere could be eligible.

A family in the North East could need a deposit of just £1,500 to buy a 25% share in a typical shared ownership property in the region.

The government has previously announced a £4 billion investment to build an additional 135,000 shared ownership homes.

Communities Secretary Greg Clark said: "We’re determined to ensure that hardworking people right across the country once again see home ownership as an achievable ambition to achieve. Shared ownership schemes have proved a real help to first-time buyers, but punitive restrictions have locked too many out of this opportunity to buy.

These changes will open the door for thousands of people across the country to own their own home."

Housing Minister Brandon Lewis said: "We believe that anybody who works hard and aspires to own their own home should have the opportunity to realise their dream.

Shared ownership is a great way for people to achieve that with just a fraction of the deposit they would normally need. Now thanks to our vision thousands more people will be able to benefit from this scheme."

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