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Scottish Widows: Tory shared equity plans 'encouraging'

18 August 2006
Following the announcement from Conservative leader David Cameron that first-time buyers (FTBs) would be top of the party's priority list when it comes to overhauling the property market, Scottish Widows has said his promises are "encouraging".

Mr Cameron has called for a re-initiation of the Right-to-Buy scheme of the Margaret Thatcher era for council tenants as well as an extension of the shared equity Homebuy-type schemes that he believes would aid the plight of troubled FTBs.

Many FTBs (around 40 per cent) see shared equity as their preferred option, while a further one in five (21 per cent) see borrowing from friends and family as the only way to get onto the housing ladder.

"It is encouraging that the opposition is calling for shared equity schemes to be extended," said Murdo McHardy, head of product development and marketing for Scottish Widows Bank.

"Our own research reveals that shared equity is the preferred option to ease access to the housing market.

"Initially awareness of this type of concept is very low, but once explained there seems to be a real willingness to trade off 100 per cent ownership of a property in order to get a foot on the property ladder," Mr McHardy added.

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