Social housing tenants could be offered up to £30,000 to enable them to leave their rented accommodation and buy their own home. The move is an extension to the Right to Buy scheme, which has been running for several years and has enabled nearly 2 million tenants to buy their home at discounted prices. Although
It could soon be easier for people in shared ownership homes to sell their property. The government funded schemes enable people to buy a share in a property, with a registered housing provider owning the rest. Typically, a purchaser may buy a 50% share in the home with the option of increasing their stake if
The number of first-time home buyers in 2014 was at its highest level for seven years, according to the Halifax bank. This was in spite of the fact that house prices rose by an average of 8.5% last year. The Halifax says that 326,500 people bought their first home last year – a 22% increase
New homes are to be offered at a minimum 20% discount to first-time buyers under the age of 40. The Starter Home initiative is a government scheme to help young people on to the housing ladder and encourage construction firms to build more homes. It’s hoped that up to 100,000 buyers will benefit. The initiative
Changes to stamp duty announced in the Autumn Statement by Chancellor George Osborne have helped stimulate the housing market, according to solicitors and estate agents. Mr Osborne said 98% of people in England and Wales will now pay less duty when buying a property. Only those buying homes worth more than £937,000 will be worse
House prices rose by 12.1% in the year to the end of September, according to the Office for National Statistics (ONS). Prices increased by 0.5% on a monthly basis between August and September this year. The statistics only include homes that were bought with a mortgage. The increases mean that prices have been rising faster
Up to 10,000 new homes will be built between 2015 and 2018 as part of the government’s new Rent to Buy scheme. Housing associations will be able to apply for low-cost loans from a fund of £400m to finance the projects. They will then have 16 years to repay the loans, and during this time,
The Help to Buy schemes, launched by the government last year, have enabled nearly 40,000 people to buy their first home, according to official statistics. Help to Buy consists of two schemes which enable people to buy a property even if they only have 5% of the purchase cost. More than 48,000 people in total
The government is to introduce new measures that will make it easier for people to build their own home. Under the Right to Build scheme, people who want to build their own home will be able to get help from their local council to find a suitable plot of land. The scheme will be trialled
The government has sent information to social housing tenants reminding them of the Right to Buy scheme. The leaflets offer advice to tenants on how to exercise their Right to Buy and become first-time homeowners. The scheme allows social tenants in London a maximum discount of up to £102,700. The maximum discount in other parts