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First-time buyers looking to take their first step onto the property ladder are to receive extra help from the government.
Housing minister Caroline Flint has outlined plans for a major expansion of the government's Homebuy programme.
This will mean that all first-time buyers with a household income of £60,000 per year or less will be able to apply to buy a share of a home.
Buyers earning under the wage bracket will have the opportunity to buy a share from 25 per cent of a property or to boost their purchasing power by up to 50 per cent with a shared equity mortgage.
Currently, the scheme is only open to key workers such as nurses, teachers and social tenants.
"Most families aspire to get onto the housing ladder, but are being priced out of the market. We want to give them the support to help them buy an affordable home," Ms Flint said.
"The long term solution to the challenge of affordability is to build more homes. But in the meantime, we are doing more by giving more first time buyers the chance to boost their purchasing power and put their dream home within reach."
