Shared Ownership Helps Over 52,000 First Time Buyers in London onto the Property Ladder
The Mayor of London’s Office announced on Thursday 8 October, that over 52,000 first time buyers have now been helped onto the property ladder in London using the low deposit home ownership scheme.
In total 52,038 Londoners have been assisted into 36,208 homes. As part of the First Steps housing scheme, Shared Ownership aims to help Londoners on modest incomes onto the property ladder across the capital.
Shared Ownership targets those first time buyers in the capital on low to medium incomes, helping them to buy a property in the same area at a lower cost than if they were to purchase on the open market. With London fuelling high property prices, many first time buyers are not able to raise the capital required for a mortgage deposit. Shared Ownership deposits can start from £5,000 in some instances and averaging £13,000, with average household wages of £37,000. This is a stark contrast to the large deposits required for home purchases on the open market.
Mayor of London announces new housing zones
The Mayor of London has announced last two of his 20 housing zones set to deliver 53,000 new homes and unlocking £21.6bn in investment. He also revealed plans for 10 more housing zones to be designated by the end of his Mayoral term.
The Mayor of London, Boris Johnson said: “More than 52,000 Londoners have been able to get on to the housing ladder, thanks to the First Steps scheme, and I am determined to help even more achieve their dream of owning their own home.
“The next wave of new housing will be kick-started by my 20 Housing Zones, which are set to deliver over 50,000 mixed tenure homes at a fast pace. The zones are regenerating huge areas of the city and that’s why I am determined to create a further 10 delivering and continuing the investment, opportunity and much needed new housing across the capital.”
At Family Mosaic, we are committed to the manifesto set out by the Mayor of London to help provide affordable homes to first time buyers in London. We’ll continue to build homes available through Shared Ownership across the capital. Schemes like the forthcoming Drayton Place in Ealing, Quest House in Croydon and Millbrook Park in Barnet are all designed to provide quality affordable homes to first time buyers with lower incomes and smaller deposits. To view our latest selection of Shared Ownership homes, use our property search, or find out more about Shared Ownership.