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Last edited 29 Aug 2019
A homeowner is a person who owns a home, whether an apartment or house. They may have fully paid for the home and own it outright, or they may still owe money for it: an individual who has a mortgage on a property is still regarded as the homeowner even if the mortgage has many years to run and much money is owed.
Homeowners who have acquired their first home (whether outright or through a mortgage) are usually said to have taken their first step on the ‘housing ladder’. They are often referred to as 'first-time buyers', and a number of government schemes have been introduced in recent years to encourage and support their entry into the housing market.
It is also possible to be a homeowner jointly with other people (such as a partner) or through shared ownership schemes provided by housing associations, although this may be viewed by some as part-home ownership. Such schemes typically involve purchasing a share of a property (typically between 25%-75%). A mortgage is required for the share that is purchased, and rent is paid on the remainder.
The housing policies of the conservative Thatcher government of the 1980s were designed to increase home ownership throughout the UK and to decrease the number of households in rented accommodation. Owning your home was regarded by many conservatives as almost a basic right. Policies were therefore implemented to bring this about, such as ‘right to buy’ where council tenants were given the right to buy their homes from the local authority – often at prices that were well below market values.
See also: Home ownership.
 Related articles on Designing Buildings Wiki
- Affordable housing.
- Affordable rented housing.
- Buy to leave.
- Buy-to-let mortgage.
- Consumer Code for Home Builders.
- Fixing our broken housing market.
- Housing associations.
- Housing tenure.
- Intermediate housing.
- Real Estate Investment Trusts.
- Rent to buy.
- Right to buy.
- Right to rent.
- Section 106 agreements.
- Shared equity / Partnership mortgage.
- Shared ownership.
- Social housing.
- Social rented housing.
- What is a mortgage?
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