Can you afford to get on the housing ladder?

Mon 5th Oct 2015

Helping more people realise their dream of home ownership and “getting Britain building” is an important part of the Government’s long-term economic plan. Jane Stewart of Coodes Solicitors examines the latest developments in affordable housing and outlines the options available to people who are struggling to get onto the property ladder in the South West.

“National Housing Federation research recently showed that house building in the South West failed to keep pace with demand with a shortfall of some 10,000 new homes over the last four years. The research also revealed that people would have to earn around £31,000 more than the average annual salary to get a mortgage on even a modest home.

“In August 2015 the Government published its first Rural Productivity Plan to grow the rural economy. By bringing forward more land for house building while also enabling more first time buyers to realise their ambition of home ownership, the Plan introduces another positive step on the way to tackling the housing shortage.

“Villages and towns in England’s rural communities will be allowed to build Starter Homes for local residents as part of plans set out in the Government’s first ever Rural Productivity Plan. This includes amending planning rules to allow Starter Homes to be built on Rural Exception Sites for the first time, allowing more sites to be developed specifically for people who already live in the area, or have a local family or employment connection.

“Under the new proposals, developers offering Starter Homes would be exempt from existing tariffs, making sure that savings are passed on to homebuyers. While only first time buyers under the age of 40 are eligible to purchase a Starter Home under the Plan there are other affordable housing options open to people looking to purchase an affordable home.

“Alternative Government schemes currently available to potential purchasers who require assistance in purchasing their first or later property include:

  • Help to Buy Equity Loans (available to both first time buyers and home movers on new build homes in England with a purchase price up to £600,000). You will need to contribute at least 5% of the property price as a deposit and the Government will give you a loan for up to 20% of the price. The buyer would then need a mortgage of up to 75% to cover the rest.
  • Help to Buy mortgage guarantees (available to both first time buyers and home movers for new build and older homes with a purchase price up to £600,000)
  • Shared Ownership schemes provided through housing associations. You buy a share of your home and pay rent on the remaining share.”

At Coodes our specialist affordable housing and new build team will help you understand the differences between all types of affordable housing schemes and will help you complete your home purchase as efficiently and stress-free as possible. Whether you are buying or selling there is an expert on hand to assist. For more information on any of the above schemes or for conveyancing assistance generally please contact Jane Stewart on 01872 246200 or email jane.stewart@coodes.co.uk

Mon 5th Oct 2015

Related Services & sectors

Search News & Events

Popular

Pattern

Changes to Paternity Leave in April 2024: What do you need to know?

As of 6th April 2024, paternity leave will be changing to reflect a shifting attitude…

Read more

Pattern

Suspecting a Power of Attorney of financial abuse: what can you do?

What steps should you take if you suspect someone is committing financial abuse as a…

Read more

Portfolio Builder

Select the legal expertise that you would like to download or add to the portfolio

Download    Add to portfolio   
Portfolio
Title Type CV Email

Remove All

Download


Click here to share this shortlist.
(It will expire after 30 days.)