Homeownership Westminster

Westminster helps first time buyers to get on the property ladder

1st April 2009

First time buyers who are priced out of the open market will be able to take advantage of a new free service to help them get on the property ladder, council bosses announced today (April 1).

'Homeownership Westminster' will provide information and tailored support for those who aspire to own or rent their own home, but are struggling to access the largely unaffordable private housing market.

This initiative, commissioned by Westminster Council and provided by Catalyst Housing Group, will not only offer information on shared-ownership and discounted rented schemes, but will also inform first time buyers about initiatives to help them to get on to the property ladder with financial assistance such as government backed low-interest loans and grants.

To be eligible for the service, people must be first time buyers or not have owned a home for the past two years, live or work in Westminster and have a maximum household income of £60,000.

Despite the downturn in the housing market, Westminster continues to be one of the most expensive areas in the country to live in with an average house price of £572,000, according to Land Registry figures - putting off many people from living in central London.

By 2011, it is hoped that around 1000 people who live or work in the city will have taken advantage of 'intermediate' housing opportunities - where a family pays more than the price of living in social housing but less than the market price when renting or buying.

Philippa Roe, Westminster Council's cabinet member for housing, said: "First time buyers are very keen to live in central London but they have typically been priced out of the market by some of the most expensive prices in the country.

"This leaves many people who work in Westminster paying a very high percentage of their pay in commuting costs. These people, however, are the engine of our economy and we should be supporting them, particularly during these tough economic times.

"In the past, finding out what opportunities were available has sometimes been confusing with too many organisations offering their services but this initiative gives people one contact, making it much easier. This new service will ensure first time buyers and people who want to rent in the heart of London can find the best possible homes to suit their needs."

David Ellis, Director of Business Development and Marketing from Catalyst said: "We and are pleased to be working with Westminster to provide such an important service for first time buyers in the borough. We understand that a home is much more than simply a financial investment and through Home Ownership Westminster will provide a one-stop-shop for information and advice on finding a suitable home in the heart of London.”

The new service provides:

  • Assistance with registering interest for home ownership opportunities.
  • Information about specific home ownership opportunities available for first time buyers.
  • Specialist advice such as debt counselling, financial or employment advice to help improve their home ownership prospects.

Aspiring home owners shouldn’t worry if they don’t fit the criteria exactly as each application will be assessed on an individual basis. Details of specific developments, initiatives and their eligibility considerations are available at www.homeownershipwestminster.co.uk

For further information on the opportunities that are available in Westminster please call 0845 437 9701.

Media contact: Sam Adler at Westminster City Council's press office, 020 7641 2259