Getting on the housing ladder

Labour New scheme offers a helping hand onto the housing ladder

Labour giving tenants on a limited income the chance to buy part of their home

Are you struggling to get on to the housing ladder? Are you living in rented accommodation and despairing of ever buying your own home? If this sounds like you, Lambeth Council could provide an answer. The council is taking part in the Social Homebuy scheme which provides new opportunities for tenants who cannot afford to buy their property. It enables tenants on a limited income to buy a share - as little as 25 per cent - of their home.

With discounts of up to £16,000 available under the social homebuy scheme, tenants can purchase a minimum initial share of 25 per cent of their home. The remainder will be retained by the landlord and further shares can be bought later.

The scheme, which runs until March 2008, has already proved popular, with more than 100 tenants already signing up to learn more about the project.

Councillor John Kazantzis, cabinet member for housing said: "It is becoming more and more difficult for people to get onto the housing ladder in London. This scheme offers a solution to making that first - often prohibitively expensive - step."

If you are interested in learning more about this scheme, contact Lambeth Council’s Property Purchase team, Home Ownership Services, 4th Floor, Hambrook House, Porden Rd, London SW2 1RW. Alternatively you can phone 020 7926 3686 or email homeownership@lambeth.gov.uk.

Share you views on the Lambeth's Social Homebuy Scheme and other local issues in the Lambeth Forum and be kept informed about local issues by emailing subscribe@lambethlabour.com.

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