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First-time buyers and key workers 'in the dark' over shared equity homes
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Half of all first-time buyers and key workers have either never heard of the Government's shared equity schemes or are confused about them, a survey showed today.
Around 48% of people who are key workers or who are trying to buy their first home said they had either not heard of the Government's affordable housing schemes, did not know if they would qualify
for them or found them confusing.
A further 13% of buyers in these groups were convinced they would not qualify for help buying a property, but more than three-quarters of them would be eligible for one of the shared equity or
shared ownership schemes.
Overall, the research found 97% of first-time buyers would qualify for help from one of the schemes, according to website propertyfinder.com.
Once people were better informed, just 13% of first-time buyers said they would not use one of the schemes to get on to the housing ladder because they were put off by the prospect of shared equity
or because they did not think the schemes were attractive.
Nicholas Leeming, major client director of propertyfinder.com, said: "It is clear that there is widespread ignorance amongst the Government's target market.
"The majority of first time buyers and key workers are confused by the shared equity plans.
"Almost one in four of those earning less than £30,000 has never even heard of the schemes and little effort is being made by the Government to publicise or actually make these schemes in any
way accessible."
A Communities and Local Government spokesman said: "No Government has done more to help first-time buyers put their dream home within reach.
"We have already helped 110,000 households into home ownership through our shared ownership and equity schemes since 1997 and have expanded the scheme to help even more.
"We know it is important to tell people about our products - which is why we have actively marketed the schemes and already worked with local authorities, estate agents and developers to let people
know what support is available to them."
:: 1,067 people were questioned online for propertyfinder.com.
