HOUSEBUYERS in Winchester have been given a boost thanks to a new scheme which the city council is considering.

Winchester City Council is looking at setting up an 'Open-Market Shared Ownership' scheme.

This would support local residents by providing equity to buy a property in the district for those who do not have enough money for the deposit required for a house.

Council leader Stephen Godfrey said: "This exciting new scheme is a great example of the Council’s more innovative approach to using taxpayers’ money to benefit local residents, as well as ensuring a good rate of return for all taxpayers across the district.

"This scheme should help those residents who find it harder to save for a large deposit, but who have a good income to afford a mortgage.

"As a Council, we can be sure that we are getting a much better return from our investments than keeping money in the bank."

Through charging a rent on the deposit element the council will ensure a financial return for the taxpayer whilst ensuring that the authority's investment activity is targeted in the local area.

Residents in the area will need to meet criteria to access the scheme, with higher scores for those who have lived in the district for over ten years, work in the district and are first-time buyers.

The household will normally own 70 per cent of the property - with a deposit of at least per cent per cent of this value depending on circumstances - with the council owning a 30 per cent share.

In the future, the household can buy the council out of its share.