First Time Buyers in hotspot to get £5,000 public cash for deposit

A scheme to help people to get on the housing ladder in one of the UK’s most expensive local housing markets launches next month. 

South Hams council - which includes second homes hotspots like Salcombe - will give £5,000 to anyone currently renting a social housing property to help them purchase a shared ownership home. 

However only £60,000 has been allocated to it - so only 12 people or households can be helped.

It sits as a sister initiative to the downsizing Tenant Incentive Scheme, which is for anyone who is currently over occupying a Housing Association property and who moves to a smaller home.

There are currently over 170 new shared ownership homes of various sizes in the pipeline for communities across the South Hams.

Council leader Judy Pearce says: “Steep house prices and a shortage of homes for rent mean many local people are struggling to find a home. We have shared ownership homes being built around the district to meet local needs. 

“However, with house prices and the cost of living going up, we know that finding the money for a deposit is keeping this just out of reach for some.

"We need bold, innovative solutions if we are going to make a positive difference. With this scheme we're looking to give practical help to those people who would like to buy their own home but have not been able to save the deposit. 

“By providing up to £5,000, which will not need to be paid back, we can give local residents a helping hand to step on the housing ladder. This in turn, would allow their homes to become available for re-let to a household on the housing register, helping us to help even more people."