The scheme would offer low and middle income households simpler alternatives.
First-time buyers could receive up to £50,000 in interest-free loans as a deposit for a house in Wandsworth.
The scheme would offer low and middle income households a simpler alternative to complex initiatives, like part-buy part-rent, which are available.
Councillor Guy Senior, Wandsworth Council’s home ownership spokesman, said: “We are determined to drive forward new ideas – like our proposed deposit scheme – which will bring home ownership within reach of people who don’t have the bank of mum and dad to fall back on.”
Right to Buy sale receipts – set to increase following changes proposed by Wandsworth Council – could part-fund the scheme.
Wandsworth resident Maria Howard says she thinks the scheme would really benefit first-time buyers.
“It seems like a great idea, it would be something I’d be really interested in,” she said.
“It’s so difficult for people to save for deposits so this would really help first-time buyers.”
Eyvind Ryans, Wandsworth Council Communications Officer, said the borough’s social housing allocation policy is up for review, and councillors have already changed the system.
At the moment more than two thirds of council homes are going to unemployed residents but councillors want to create incentives by giving greater priority to those working or training.
“We want to find ways of letting more social housing to people who are working to encourage self-help and investment in the local economy,” Cllr Senior said.
“In Wandsworth thousands of hardworking households are priced out of the local housing market and have little chance of qualifying for a secure tenancy from a social landlord.”
However, residents in urgent need homes would remain at the top of the priority list.
Cllr Senior ensured that any changes would not affect the most vulnerable members of Wandsworth, he said they will continue to provide for those with acute and urgent needs.
