William Eichler 04 April 2019

Homeownership schemes failing ‘less well off’

Homeownership schemes failing ‘less well off’ image

The Government’s homeownership schemes are failing those on low and middle incomes, according to a provider of affordable rent to buy homes.

Rentplus calculates that the average household income of those benefitting from the Government’s Help to Buy scheme is £52,000.

This is well above the income of many, including key workers such as nurses who start on £23,000.

One of the biggest barriers to homeownership is the deposit.

Steve Collins, the chief executive of Rentplus explains: ‘The majority of Help to Buy beneficiaries take advantage of being able to put down a minimum 5% deposit but this still requires an average deposit of over £12,000.’

‘For most of those on average or below average wages, this is unaffordable.

‘The problem is that many people paying rent each month have little money left to save towards a deposit and the Government schemes don’t address this.’

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