A package of measures to help people on lower incomes get onto the housing ladder were confirmed today by the Housing Secretary, Robert Jenrick MP.
The government announced over the summer that it was reviewing a new national model for shared ownership, to make it easier for people to buy more of their own home – which included allowing people to buy their homes in 1% chunks, rather than 10% at a time.
Today’s announcement confirms that measure and includes other plans, such as giving social tenants moving into new homes the chance to buy their own share, as well as cutting the minimum initial stake required for all shared ownership homes from 25% to 10%.
Jenrick commented: “Many people want to own their home but can’t see a route towards achieving that goal. This government is determined to help people realise that ambition, and boost ownership for thousands of hard-working people up and down the country.
“Owning a home is not just about the four walls around you, it’s about investing in your family, saving for the future and putting down roots in a community.
“These measures announced today will mean more people, including residents living in new housing association homes, are given the opportunity to get on to the housing ladder.”
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