Savings in the Pocket

FIRST-TIME buyers struggling to afford a home are increasingly turning to shared ownership, the scheme that allows them to purchase from as little as 25 per cent of their property and pay subsidised rent on the rest-but there are other initiatives available.

- By Deborah Stone

For instance, Government-backed First Homes offers eligible first-time buyers in England a 30 per cent discount on new-build homes from developers involved.

Criteria includes being a fist-time buyer, having a household income of less than £80,000, with a £250,000 limit on the property price.

In London, income must be less than £90,000 and the price limit is £420,000.

The discount stays with the property for ever, so future buyers will also get a helping hand and applicants usually need to be local to the area already, or moving to the area to become whatever the local authority considers a key worker. Applicants who are members of the Armed Forces or recent veterans do not need a local connection.