Shared Ownership shake up - 175,000 more Londoners now qualify
To date, the scheme - which allows buyers to purchase a share in a property, renting the other proportion for a subsidised level, has already helped over 52,000 Londoners onto the property ladder.
However, in the past, strict eligibility has meant many first-time buyers have missed out on the scheme, which requires a considerably smaller deposit than any other home buying option (as little as 5% of the share being purchased).
L&Q has launched its PricedIn Learning campaign to educate first-time buyers on all things Shared Ownership, helping buyers to identify the scheme that’s right for them.
Alice Turner, property marketing and events manager for L&Q, explains some of the criteria changes to Shared Ownership: “Shared Ownership is, and always will be, subject to eligibly criteria, to ensure it helps the first time buyers who need it most. However, some of this criteria has now been relaxed.
“Firstly, the maximum household income buyers can earn to be eligible for a Shared Ownership home in London has increased to £90,000 (£80,000 outside London).
“Furthermore, in the past there were restrictions on where you could live or work to be eligible for a particular scheme (usually, you had to live or work in the borough), but now a number of Shared Ownership developments in the capital will be ‘Pan-London’, there will be less restrictions outside of London as well. This means anyone who doesn’t currently own a home, from any borough, could be eligible to buy. Crucially, this gives buyers more flexibility and choice, further aligning Shared Ownership with the government Help to Buy scheme.
“These changes will make Shared Ownership more accessible for first-time buyers, giving them a truly life changing opportunity. ”