The government is planning a pilot run of its shared equity scheme to help more first-time buyers get onto the property ladder in October 2006.
Yvette Cooper MP, minister of state for housing and planning, revealed the date during her speech Extending Home Ownership at the Council of Mortgage Lenders annual conference today. She said the pilot run would allow the government to check the affordability of shared equity products, ensure competitive rates and consumer choice.
Answering questions at the end of her speech, Cooper also emphasised that shared equity, unlike the transfer of equity through the generations, was for the benefit of all regardless of their family assets.
The governments plans to help first-time buyers afford properties through shared equity was set out yesterday in Gordon Browns Pre-Budget Report. Brown told the House that three building societies and banks, the Yorkshire, HBOS and Nationwide, had joined it as partners in shared equity with the aim to extend home ownership and affordable housing for all.