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The Government has just released a new ownership scheme for first time buyers in England earning £60,000 a year or less.

The package of measures announced today by the Housing Minister included a scheme to help struggling first time buyers called Rent to Home Buy. To qualify households earning £60,000 a year or less will be able to rent their new home at a discounted rate upto 80% of the market rent or less for a period of upto two or three years. They will also have the option to buy a  share in their home. The Governmet hopes the scheme will give first time buyers some much needed breathing space to save for a mortgage deposit while taking there first step onto the property ladder.

The other proposals today included plans to deliver up to 76,000 more homes in 20 or more towns and cities with over £100m also injected into the areas to provide schools, hospitals and other facilities needed to support homes. The UK Government has also pledged to work with local councils and housing associations to examine proposals for mortgage rescue schemes.

Our spokesman also stated, that the long term need to provide more homes has not gone away. We are a growing and ageing population and will only see worsening affordability unless we increase housing supply.