7 Jan

London buyers to benefit from new schemes

London buyers to benefit from new schemes

The mayor of London has announced two new schemes that could enable more people in the capital to step on to the property ladder.

Buyers with low to mid-incomes may be able to access new shared ownership schemes following an injection of cash into the initiatives.

The mayor's First Steps Challenge will benefit from an additional £180 million to help deliver more homes. It is expected that around 4,000 new properties could be developed by 2020 and will be available to those looking for affordable homes.

A further £40 million will be provided to a project aimed at allowing buyers to purchase a home without a deposit. Gentoo's Genie scheme is predicted to deliver around 2,000 new homes over the next decade and will remove the need for people to save for a large deposit to secure their first home.

Boris Johnson revealed the new plans during a visit to a key regeneration project in London. Erith Parkin Bexley consists of a number of affordable rent and shared ownership homes.

The first part of the multi-million pound project will provide 343 new homes, consisting of a mix of three and four-bedroomed family homes with gardens.

Phase two of the development will see a further 244 homes and construction is expected to begin on these new properties in a few months.

"Shared ownership is crucial in helping the unprecedented numbers of people in London desperate for good quality low cost housing. Families need larger properties and Erith Park is testament to the number of well-designed affordable three-bedroom family homes with gardens that can be delivered with good planning, major regeneration and investment," said the mayor.

He added: "I want the funding announced today to help thousands more Londoners own homes and create more developments like Erith Park delivering excellent affordable properties."ADNFCR-1222-ID-801769162-ADNFCR

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