Council Plans To Boost Home Ownership

New one stop shop gets residents onto the property ladder

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H&F Council has announced groundbreaking new plans to boost home ownership in the borough. A brand new one stop shop, called H&F Home Buy, will be dedicated to getting local residents onto the property ladder and will open on Monday 26 February.

“It is a natural aspiration to want to own your own home,“ says Cllr Stephen Greenhalgh, H&F Council leader. “But we have far too many people renting in Hammersmith and Fulham.”

More than a half of all H&F residents rent, one of the highest figures in the UK, meaning a huge amount of cash is being thrown away to landlords.

Nurses, fireman, teachers and other key workers struggle to get on the housing ladder as prices continue to spiral. Combined with the fact that Hammersmith & Fulham has the fourth highest house prices in the UK it means many hardworking families are priced out of the market. But the council is striking back to help residents to get a foot on the ladder.

Cllr Greenhalgh continues, “This council believes that low to middle income earners, and key workers aspiring to own their own home in Hammersmith & Fulham, should not be consigned to rent slavery or having to live miles away from where they work. We are committed to giving these hard working residents a leg up onto the property ladder.”

The majority of properties available through H&F Home Buy are shared ownership schemes, meaning that you part buy and part rent your home. You can buy as little as 10 per cent of a new home and build up the percentage that you own over time. You may also be eligible for an interest free loan.

Cllr Greenhalgh continues, “It is wrong that owning your own home is out of reach for so many residents and that is what H&F Home Buy will tackle. The size of the challenge is massive, government increases in stamp duty are biting hard and many potential buyers are put off by spiralling inflation and the highest interest rates in a decade.

“We are determined to turn this situation around as the dream of a property owning democracy is as alive today as it was back in the 1980s. Hardworking residents deserve the opportunity to own a place of their own and H&F Home Buy will do everything possible to get more residents to own a stake in their own home.”

If you have a combined household income between £19,000 - £60,000 and want to buy your own home you may be eligible.

Register your interest now by visiting www.lbhf.gov.uk and clicking on the ‘register for home ownership’ button. Alternatively you can call 0800 1313 424.

February 15, 2007