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MHO helps London keep key workers
December 07
A large number of the capital’s key workers would consider moving out of London if assistance was not available to help them on to the property ladder, according to a survey published by Housing Options today.
The survey of almost 400 people actively looking for affordable housing options showed that without HomeBuy or shared ownership products, London could face an exodus of police officers, nurses, firefighters, teachers and other key workers.
Indeed, 48% of the key workers surveyed said they had considered leaving London to enable them to buy their own home.
The survey, undertaken at the Housing Options Affordable New Homes Show in October 2007, demonstrated the important role being played by providers of low cost home ownership products. Nine out of ten (88%) people interviewed said that without low cost home ownership schemes, such as part buy, part rent, they would have no chance of being able to buy a property in London or the South East.
Graeme Moran is Managing Director at Metropolitan Home Ownership (MHO), which jointly delivers the Housing Options service with Tower Homes. He said: “This survey shows the extent to which key workers and lower paid workers need affordable homes. For any city or community to be sustainable and for its economy to prosper, it needs to provide housing options for people across a range of incomes.
“It is vital to our essential services that key workers are able to lay down roots in London and the South East. It is also vital to our economy that people on lower incomes are not squeezed out of the area.”
The survey also confirmed the extent to which high property prices are squeezing key workers and low-income families out of the property market. Only one out of ten (11%) key workers and (8%) non-key workers felt that their salary enabled them to afford to buy a property in London without assistance from low cost home ownership schemes.
Many Londoners may not realise that help is already at hand to get them on to the property ladder. Housing Options is the one-stop shop for first time buyers to register their interest in and apply for low cost home ownership products. Housing Options is run by the Government-appointed HomeBuy Agents MHO and Tower Homes. At the heart of its service lies the website – www.housingoptions.co.uk – where prospective buyers can search for new affordable homes from a database of up to 2,000 available properties at any one time.
Steve Nunn, Managing Director at Tower Homes, said: “As property prices increase and mortgage interest rates remain high, more people are being priced out of buying their first home.
“Schemes such as New Build HomeBuy, Open Market HomeBuy and for key workers, Intermediate Market Rent are all available now to help Londoners find a high quality home they can afford. This is vital in ensuring we continue to build sustainable, mixed communities for the future.”
For further information on affordable home ownership opportunities in London, visit Housing Options at www.housingoptions.co.uk or call 0845 230 8099.
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