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Joint ownership scheme will help property market, says expert

14-Apr-2010

Published by Helen Adams

A combination of the new joint ownership lease and increased help for first-time buyers will breathe new life into the housing market, an expert has claimed.

Rebecca Roberts-Hughes, research officer at Metropolitan Home Ownership (MHO), says government support for those buying a first home is "essential".

While the improved prospects of joint ownership will "encourage" lenders, the controlling party must put in place measures to ensure securing a property is realistic for the majority of young people.

"We should encourage further investment in existing, tried and tested schemes and review and reinstate those products that have delivered the most affordable homes," she suggests.

Ms Roberts-Hughes does not agree that new incentives are necessarily required, just that Britain should get back to doing what it has done well in the past.

One new piece of legislation designed to help first-time buyers is the relaxing of the stamp duty threshold, meaning the tax does not have to be paid on properties worth less than £250,000.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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