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'Budget has put homeownership out of reach for low-paid people'

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'Budget has put homeownership out of reach for low-paid people'

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Published by Max Salsbury for 24dash.com in Central Government and also in Finance, Housing

State of the new-build housing market in South East England State of the new-build housing market in South East England

Yesterday's budget has put homeownership further out of reach for low-paid people, a housing association has claimed.

Raglan Housing says that while the government’s help to buy scheme is stimulating the housing market, the chancellor must not forget the millions of hardworking people on low incomes who don’t earn enough money to be eligible for the scheme.

The social landlord says that for those on low wages, shared ownership is their only hope of owning a home.

Raglan chief executive, Nicholas Harris, said: “Some of the £6 billion government is investing in help to buy could be better spent on delivering more affordable homes through shared ownership schemes where the average grant rate is £15,000 compared with £40,000 on a help to buy equity loan.

“Clearly, government could build many more shared ownership homes with less money. We need more of this type of truly affordable housing and it can only be delivered by housing associations with more funding support from government and lenders.

“We welcome the higher tax threshold which is good news for low paid people.”

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