England: Shared ownership right to buy roll-out confirmed for housing association tenants
A new shared ownership model which will allow housing association tenants in England to buy a stake in their home for as little as £2,000 is to go ahead, housing secretary Robert Jenrick has confirmed.
The UK government said a package of measures, which were initially announced over the summer, will “make it easier for people to buy more of their own home”.
Under the plans, housing association tenants in new housing association properties will be given the automatic right to buy a share of their home, with the ability to increase that share in increments over a period of time.
The new model will allow tenants to buy in 1% increments, meaning in some areas they can “get on the housing ladder” with deposits as low as £2,000.
The government will work with housing associations on a voluntary basis to determine what offer can be made to those in existing housing association properties so that the new Right to Shared Ownership is extended as widely as possible.
In addition to this, further measures to make all shared ownership homes more affordable have been confirmed. This involves cutting the minimum initial stake from 25% to 10%.
Housing secretary Robert Jenrick said: “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.”