The Government has doubled its estimate for the number of households which will be able to benefit from shared-equity schemes, as it revealed plans to build 130,000 new homes on brownfield sites.
It now says 160,000 families will be able to become homeowners through shared equity.
In September, the Government launched its Openmarket Homebuy scheme to help some first-time buyers, involving Advantage, Bank of Scotland, Nationwide and Yorkshire Building Society.
Royal Institution of Chartered Surveyors senior economist David Stubbs says: “Shared-equity schemes are no substitute for more homes. The decline in Government-sponsored housing over the last 20 years is the most important factor in the affordability crisis for those in need. Government ambitions for housebuilding released in the pre-Budget report show they still do not grasp the level that is necessary.”
Yorkshire BS corporate development director Andy Caton says: “We are delighted the Government intends to double the target under the scheme. We are receiving an increasing number of applications.”