FIRST time buyers locked out of the housing market by sky-high prices are to be given a helping hand to make West Oxfordshire their home.

The initiative, which is the first of its kind in Oxfordshire, launched this week and targets first-time buyers who are unable to buy a property outright or pay a large deposit, but do make enough money for mortgage repayments.

Buyers participating in the Local Authority Partnership Purchase Scheme will purchase a share in a home, with West Oxfordshire District Council paying the rest.

Buyers will then pay rent to the council to cover its stake.

The council has been praised for trying to support first time buyers – but many have said the high property prices in the county mean a homes will still remain out of reach for those trying to move on from renting.

Council deputy leader Toby Morris said the initiative would help people settle in West Oxfordshire, allowing young people to stay in the area rather than moving away.

He said: “We know how difficult it can be for people to buy their own home in West Oxfordshire given how high house prices are.

“This innovative scheme could help make the difference between renting and ownership and allow people to really put down roots in the district.”

The scheme could, for example, allow a buyer to purchase a 70 per cent share in a property by obtaining a mortgage of up to 90 per cent (i.e. a mortgage of 90 per cent on the 70 per cent share). The council would buy the remaining 30 per cent, subject to an independent valuation done by a surveyor it would appoint, on which it would then collect rent.

The size of the deposit would need to be at least seven per cent – for example 10 per cent of the 70 per cent share – of the total estimated value of the property.

But some critics have said the scheme will still cause many to fall at the first hurdle of the deposit due to West Oxfordshire’s high property prices.

Robin Brooks, 58, of Carterton, said his 37-year-old son, who currently rents a home in Shilton Park for about £1,000 per month, had hopes of getting his foot on the property ladder in the district.

He said that his son would still struggle to save enough to pay a reduced deposit, saying that, if his son wanted to buy a 60 per cent share of a £200,000 home, he would still have to find a deposit in the region of £14,000 – seven per cent of the home's total cost.

Mr Brooks added: “These people aren’t going to have that tucked away.

“It would be a good scheme, but because he’s paying so much rent privately he still can’t scrape a deposit together.

“It’s a damn good idea but it’s slightly flawed because the people they’re trying to help won’t have £15,000.”

He said the scheme may work better in the north of England where property prices are, on average, much lower, adding: “It breaks my heart. We’re a rural county paying London prices and I don’t think anything is going to stop that.”

The scheme is available on properties for sale up to the value of £375,000 – so potential buyers do not have to choose from designated properties or sites as is the case with some other schemes.

The scheme opened is expected to run until October.

For more information visit westoxon.gov.uk/lapp