Today, Gordon Brown announced in his draft legislative report that his government would be improving access for first time buyers to shared ownership schemes.

Whereas previously, Homebuy- the government's shared equity scheme- has been restricted to key workers and those on low incomes, the Prime Minister announced that it will now be available to all prospective buyers with incomes lower than £60k.

Furthermore, he also announced a £200m funding injection which will allow the Housing Corporation to buy new build properties on the open market, and then sell to individuals under the Homebuy scheme or be made available via social renting.

The Council of Mortgage Lenders have reacted favourably to these measures. TeCML’s director general Michael Coogan said:

“The government’s announcement on shared equity means that its approach is now more logical, providing help based on the income rather than the occupation of buyers. It will remove an anomaly by which providing help for one group of less well-paid workers makes access to home-ownership more difficult for others earning similar salaries but working in different jobs."