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Social HomeBuy Income Thresholds Announced

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Jun 8 2005

Following up previous pledges for shared equity schemes for council and housing association tenants, Mr Prescott also announced that tenants with joint incomes below £15,000 in the North of England and £20,000 in the South East could be eligible to buy a share of their homes.

Mr Prescott commented: “Social HomeBuy will help tenants into partial home ownership and with the money they pay being used to reinvest in new social housing. This will make available sooner for families in temporary accommodation and on council waiting lists new homes. We want families on lower incomes to get a foothold on housing ladder but not at the risk of taking on financial responsibilities they can't sustain. There will be strict checks to ensure this, with the consultation proposing several measures to ensure anyone entering into home ownership through one of the schemes is able to sustain the long term costs."

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