More shared home ownership for key workers

Things are set to change in the way that local government are to offer shared home ownership options to some first-time buyers and key workers.

See The Guardian's article for more details: http://www.guardian.co.uk/money/2007/nov/05/houseprices.localgovernment

In simple terms local councils will be able to:

• Offer new deals on low-cost homes built on their own land.
• Ensure that up to half the homes in big new developments are reserved for renting to those on council waiting lists, OR
  
• Offer these properties on a shared-ownershp basis to teachers, health workers, police officers, and other key-workers (this could double the amount of housing currently available as 'mixed community developments')

This scheme is to be trialled with 14 Local Authorities in England. These are: Leeds, Sheffield, Nottingham, Newcastle, Wakefield, Sunderland, Dacorum in Hertfordshire, Harlow, Peterborough, Bristol, Plymouth, Wolverhampton, Manchester, and Barking and Dagenham.

What does this mean?

1. Firstly, this announcement is good news for house-hunters if you are in one of the trial Local Authority Areas, as it adds to the choices available.
2. However, even if you are in one of the target areas, don't jump too soon. You may not be eligible and there may be a long waiting list. Remember this news is about new properties to be built, and so they won't be available at all for some time yet.
3. Joint Equity could still be a more viable option for you, if:

• You live elsewhere in the country (or in Wales or Scotland).
• You don't fulfill the council's waiting list criteria.
  
• You don't want to live in a new-build property.
• You want to buy your own home (or part of it) right now.

Click here to learn more about The Joint Equity Scheme.

Click here to receive a free Joint Equity information pack, request a personal Joint Equity Illustration and see what kind of property you could buy.