Govt expands Homebuy scheme

Posted: 15 May 2008 11:22:59 GMT

A new scheme has been launched by the government to help first-time buyers onto the property ladder.

A new scheme has been launched by the government to help first-time buyers onto the property ladder.

Housing minister Caroline Flint has announced that all first-time buyers with an income of £60,000 or below will be able to buy a shared ownership property.

It is part of a big expansion of the government's Homebuy programme.

Currently Homebuy is only available to key workers, social tenants and some buyers who are identified as being a priority.

However, the scheme has now been expanded so that the first-time buyers most in need can get a helping hand onto the property ladder.

"Most families aspire to get onto the housing ladder, but are being priced out of the market. We want to give them the support to help them buy an affordable home," said Ms Flint.

"The long-term solution to the challenge of affordability is to build more homes. But in the meantime, we are doing more by giving more first-time buyers the chance to boost their purchasing power and put their dream home within reach," she continued.

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