Easy Ways to Buy

Right To Buy

Blamed by some as fuelling the current housing crisis by creating a shortage of public housing, the "Right to Buy" scheme introduced by the Thatcher government in 1980 has provided large numbers of former council tenants with a route into home ownership. The scheme gives most council tenants and certain other social (eg housing association) tenants the right to purchase their homes at a significant discount to market value. For those eligible, and able to afford the purchase, this scheme can be highly beneficial. Should you wish to re-sell a home purchased under this scheme within a certain period of purchase it will be necessary to repay a proportion of the discount.

Some Councils also offer a "Cash Incentive Scheme" under which sitting tenants are offered a cash sum towards the purchase of a property in order to free their rented accommodation for more needy occupants. Check with your local authority for eligibility.

Shared Ownership

Traditionally, the most common way to get on the housing ladder has been to buy jointly with a partner (ie spouse or boy/girlfriend) as dual savings and incomes made it easier to overcome the initial barriers. In recent years various other forms of joint/shared ownership have arisen to enable would-be buyers to enter the game.

The UK government's HomeBuy Scheme allows certain people (existing social tenants, "key" workers, and some others) to get a foot on the ladder by buying part of the equity of their home while renting the remainder. It doesn't mean you share your home with anyone, just that your housing costs consist partly of mortgage repayments and partly rent. Over time and as your circumstances permit you can increase the percentage you own.

Some are even turning to the property equivalent of the lonely-hearts pages to find compatible strangers to realize their dreams of ownership with. Web sites such as http://www.sharedspaces.co.uk/ enable would-be co-buyers to advertise themselves and/or search other potential partners.