Poor to get help onto property ladder

Ruth Kelly, the communities and local government minister, has declared that the government will help the poorest in Britain to get onto the property ladder.

She says that new schemes of shared ownership will be offered to low-income families or social tenants so that they can own their own home.

Similar schemes such as the New Build Home Buy already exist where buyers purchase 50 per cent of a property and pay rent on the other half.

These new proposals will mean that people may even be able to own their own home even when they have purchased just 25 per cent of it and then incrementally own more and more as they pay for more.

Her speech says: "As a government we are building more social houses and have a good record of improving existing stock but we need to accelerate the rate of progress."

This is part of a move away from the ugly concrete council estates often associated with social housing.


© Adfero Ltd