Shared ownership schemes - the cheapest and most affordable way to own a home - celebrated 30 years of success yesterday after helping 155,000 households realise their dream of getting a foot on the property ladder.

The National Housing Federation (NHF) has hailed the success of the scheme since the first home was sold under the ground-breaking initiative 30 years ago.

Thousands of low-to-middle income families have seized the chance to buy a share in a new home, since the scheme was launched on 27 July 1979, by Housing Minister John Stanley.

Shared ownership has helped key workers, first time buyers and social tenants to live and work in areas which have seen house prices rocket well beyond what they could afford to pay on the open market, according to the NHF.

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And now as the country is gripped by recession, housing associations - which build and manage the vast majority of shared ownership schemes - have found demand for shared ownership remains as high as ever.

Shared ownership is the most affordable and flexible form of low cost home ownership on the market, with households buying a property earning an average of around £27,000 a year.

The scheme offers eligible people the chance to buy between 25%-75% of a property from a housing association, and pay an affordable rent on the remaining share. People can increase the share they own over time and ultimately own the property outright.

Despite the current fall in house prices, the gap between house prices and the amount people can borrow continues to grow. Many people in permanent employment, earning a reasonable income, now find it impossible to get a mortgage.

Shared ownership has continued to offer an affordable option for thousands of people on moderate incomes during the recession.

(CD/JM)