Co-ownership 'the only way' for first-time buyers

Posted: 25 May 2007 11:24:12 GMT


            Property News - Co-ownership 'the only way' for first-time buyers

Shared ownership arrangements could be the only way for many first-time buyers to get their foot on to the property ladder, one industry body has warned.

Shared ownership arrangements could be the only way for many first-time buyers to get their foot on to the property ladder, one industry body has warned.

According to the National Housing Federation (NHF), affordability problems caused by rising house prices means that shared equity, part-buy and part-rent schemes are likely to be the best options for first-time buyers in the future.

The federation pointed out that house prices had risen by an average of 139 per cent in the last ten years, while average salaries had only increased by around 25 per cent, making a property purchase unthinkable for many.

Speaking at a recent conference, the NHF's Helen Williams said that the government needed to do more to make co-ownership more accessible.

"At the moment this type of ownership may be a niche market, but in the future it could well become the norm." she predicted.

"The government needs to do more to help people on moderate incomes to access this type of home ownership product."

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