NEW YORK: A new era for shared ownership has begun, with the UK Government relaxing the rules on eligibility and opening it to anyone with a household income of less than £80,000, or £90,000 if you are buying in London. The change will mean 175,000 more people across the country will be able to buy.
For some, shared ownership is a bonanza: buyers only have to stump up 25%-75% of the price of a property, pay only a small deposit, and are charged a subsidised rent on the portion of the home they don’t own. When they are in better shape financially they can “staircase” up to full ownership…