Yorkshire residents to receive help in buying their own home

Published: Friday 8th January 2016 by KCFM

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Thousands of people across Yorkshire could benefit from the new shared ownership scheme, which allows them to part buy and part rent their home.

It means a family in the region could need a deposit of £1,438 to buy a 25% share in a typical shared ownership property in the region.

From April, the Government will be relaxing the criteria for those who can apply for the scheme, meaning 175,000 people will be eligible across the country.

Communities Secretary Greg Clark says: “We’re determined to ensure that hard-working people right across the country once again see home ownership as an achievable ambition to achieve.

“Shared ownership schemes have proved a real help to first-time buyers, but punitive restrictions have locked too many out of this opportunity to buy.

“These changes will open the door for thousands of people across Yorkshire to own their own home.”

Housing Minister Brandon Lewis says: “We believe that anybody who works hard and aspires to own their own home should have the opportunity to realise their dream.

“Shared ownership is a great way for people to achieve that with just a fraction of the deposit they would normally need.  Now thanks to our vision, thousands more people will be able to benefit from this scheme.

“It’s all part of a national crusade to turn generation rent into generation buy, helping one million more people into homeownership.”

The Government is doubling the investment for 2018/19 to £8 billion, to deliver more than 400,000 affordable homes.

KCFM

Published: Friday 8th January 2016 by KCFM

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