Mayor Claims Shared Ownership Has Helped 52,000 People On The Property Ladder

The Mayor of London has been singing the praises of shared ownership as a means for getting people on modest incomes on the housing ladder. More than 52,000 people have moved into more than 36,000 homes as a result of the Mayor’s First Steps scheme, it is claimed. The scheme is aimed at “low and medium income Londoners” and is designed to help them buy a home at a lower cost than buying in the same neighbourhood on the open market. One aspect of the scheme is to reduce the deposits needed to buy, with down payments from as little as £5,000 being available through the scheme, though deposits typically average £13,000. Average household wages of people accessing the scheme are £37,000. Read more on the Housing Excellence website.