London Wide Initiative

The London-Wide Initiative (LWI) is a government-backed scheme for key workers run by English Partnerships, the national regeneration agency.  A range of 15 development sites across inner and greater London has been purchased by English Partnerships to deliver new homes under the initiative.  The government shares the costs and the benefits of homeownership with purchasers in order to make these homes more affordable.

LWI is a shared equity rather than a shared ownership scheme.  In a shared ownership scheme purchasers pay both a mortgage on their share of the property and rent on the part retained by a landlord. Under the LWI scheme, the Government funds and retains part of the property but purchasers do not have to pay anything to finance the Government's stake. This can make LWI homes more affordable for key workers on lower incomes by reducing home ownership costs as a percentage of monthly income.

Brand new one, two and three bedroom homes are available on specified LWI sites across London.

Key features of the LWI scheme

  • Buyers must be able to afford around 50 per cent of the full purchase price of the home. 
  • Buyers will fund their stake through a combination of savings and mortgage and will be responsible for any mortgage repayments relating to their stake.
  • Buyers must be employed in a key worker occupation as defined by the Government. The list can be found at Housing Options.
  • Key workers living and working in the London boroughs where LWI operates will be prioritised but key workers from a wider area may be considered.
  • Eligible buyers may have a maximum household income of £60,000.
  • Government will assist with around 50 per cent of the full purchase price. 
  • No rent or interest is paid on the Government-retained stake. 
  • LWI homes are offered on a leasehold basis.
  • Buyers own the property, but their financial stake in their home is limited to the percentage of the value that they buy.
  • If the buyer decides to sell, the Government shares in any increase in value of the property based on its level of investment. 
  • Buyers can sell their LWI home on the open market regardless of the price they paid.

In some but not all LWI schemes, buyers can purchase more of the equity of the property over time. This is called staircasing. Regional HomeBuy Agents assess and approve buyer eligibility for LWI.
The LWI scheme operates in inner and greater London.