Shared ownership schemes popular

Posted: 04 Aug 2008 13:22:32 GMT

As lending criteria becomes tougher and borrowers are expected to raise larger deposits, shared ownership schemes are giving first-time buyers a lifeline to get onto the property ladder.

That is according to Notting Hill Home Ownership (NHHO), which is one of the UK's largest housing associations and claim that the "shared ownership market is buoyant".

The Guardian has reported that a number of shared ownership schemes are now opening up to non-key workers and it is therefore becoming a "viable option for first-time buyers".

Commenting on the scheme, Mark Vaughan of NHHO said: "Shared ownership is still good value for money and there is still big demand for it."

Mr Vaughan has said that the profile of those applying for home ownership schemes is changing and that he is now seeing a number of young professionals who are just starting out in their careers and are looking for that first step up.

Recent research by price comparison site, moneysupermarket.com, showed that a number of people are concerned about being able to afford their first home.

Commenting on their research, Louise Cuming, head of mortgages at moneysupermarket.com, said that she was awaiting news from Sir James Crosby about what measures were being taken to stimulate the mortgage market.

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