Hammersmith & Fulham: Residents given helping hand onto property ladder

People living in Hammersmith & Fulham will be given a helping hand in getting onto the property ladder, it has been revealed.

Hammersmith & Fulham Council has recently announced the implementation and launch of a scheme designed to boost mortgage availability in the area.

The authority's Right To Buy (RTB) scheme is set to give further discounts to those who want to get onto the housing ladder in the borough. The council has also launched the 'right to buy part' initiative which is designed to create more home ownership opportunities for local people who may be having trouble purchasing homes in what is one of the most expensive boroughs in London.

Mayor of London Boris Johnson has given his backing to the initiative, which offers the sitting tenant the opportunity to buy a minimum of a 15 per cent share of their home.

It will also enable homebuyers to receive a proportionate amount of the RTB discount, and later buy a larger part of the property when they wish, until they own it outright.

Recently, the government announced that this year will see the maximum RTB discount for a house increase from 60 per cent to 70 per cent of its value. 

Commenting on the developments, Andrew Johnson, H&F cabinet member for housing, said: "RTB has already helped hundreds of hard-working tenants in H&F to become homeowners – and we want even more to be able to take that step.

"We welcome the government’s decision to increase discounts and introduce greater support services as changes like this will obviously help this aim. In H&F we’re determined to go that extra mile by looking at other steps aspiring homeowners can take to achieve their goal, such as 'right to buy part'."

The government plans to establish new RTB agents to help guide people through the buying process, and provide £100 million to set up a fund to improve access to mortgage finance.

Published 10th January, 2014

© 2014 Estates IT Limited