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Brown aims to get more on property ladder
THE HOMEBUY Programme is making £100m available to help people earning less than £60,000 buy a property.
In an announcement by the Prime Minister Gordon Brown today, buyers who do not earn more than £60,000 will be able to take advantage of the government's shared equity scheme which allows buyers to purchase a percentage of a property - renting the remainder from a housing association.
Currently, the scheme is only open to key workers but under new regulations, a household with an income of £32,000 could afford a house of £200,000, paying £760 each month as opposed to £1,350 without the programme.
Mr Brown said: "One hundred million pounds for shared equity schemes to allow more first time buyers to purchase newly built homes on the open market; and for the first time an offer of shared equity housing open to applications from all first-time buyers, subject to a household income limit."
In addition, Mr Brown outlined plans to make £200m available to the Housing Corporation to buy new properties on the open market for first-time buyers to purchase through the HomeBuy scheme or for social rent.
More households will be able to take advantage of a shared equity loan to buy a new property as a result of the expansion of the Open Market HomeBuy scheme.
Housing minister Caroline Flint said: "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.
"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."
12:50pm Thursday 15th May 2008
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