Fourth most expensive London borough helps 600 into home ownership

Published by Ross Macmillan for 24dash.com in Housing and also in Communities, Local Government

Hammersmith & Fulham (H&F) Council says it has helped 600 first-time buyers into home ownership in the last four years, according to its latest figures.

The borough has the fourth highest house prices in Britain with many people who would like to own a place locally priced out of the market.

Since 2007, 452 people have bought a new home through the council’s shared ownership schemes. These schemes allow first time buyers on low and middle incomes to part buy and part rent their home.

Residents can buy as little as 25 per cent of a new home and build up the percentage they own over time, until they own it outright.

The council said 78 people have also been helped onto the housing ladder through discounted market sale (DMS) schemes and that figure is likely to increase further over the coming months.

DMS is a low cost home ownership product where a new build property is purchased at a discounted price.

Councillor Andrew Johnson, Hammersmith & Fulham Council’s Cabinet Member for Housing, said: “With property prices so high and hard-working residents finding that their disposable income is shrinking it is becoming harder and harder for first time buyers to take that first step onto the housing ladder. The problem is particularly stark for young people who feel they have little prospect of owning their own home.

“This is why this council is committed to creating a Borough of Opportunity by helping those who aspire to own their own home, but are currently priced out of the market, to be able to fulfil their dream of purchasing a stake in their future.

“Owning your own home gives you a greater stake in your community and a greater stake in your own future prosperity so I am absolutely delighted that the council’s Home Buy team has been able to have such a positive impact on the lives of so many people in this borough.”

The council has also helped 57 people into home ownership through the Right to Buy scheme which allows council tenants who wish to buy their council property outright receiving a discount on the total value of the property.

The council recently announced that is shall be returning to housebuilding for the first time in more than 30 years. The move will mean the council shall be directly providing new affordable homes to buy or rent.