Options offered by the scheme include Shared Ownership, where the consumer buys a house, purchases the maximum share of the price he can afford and pays rent on the remainder of the share, and Rent to Save, where the consumer rents a property for up to five years at 80% of the orthodox price.
In order to be eligible for the programme, you need a house income of less than £66,000 per annum for a one or two bedroom home, or no more than £80,000 per annum for a family home. If you cannot purchase a home that meets your needs, do not currently own a home, or have sold your current home, you are eligible for the scheme.
The Mayor even aided with Shared Ownership Week, which ran from the 20th October to the 26th, to spread awareness of the option of shared ownership, with help from housing associations like Family Mosiac and Newlon Home Ownership. The event involved First-Time Buyer clinics and a Shared Ownership tour bus.
Earlier on, on 4th October, the 2014 First Steps Home Show was held in the Queen Elizabeth II Conference Centre, boasting over 5,000 attendees, 25 housing providers and three solicitors.
Gareth Paul Barsby