Housing Secretary Robert Jenrick has confirmed that plans for Shared Ownership Right to Buy are going to be going ahead.
The government says that “in some areas, this will mean people can get on the housing ladder with deposits as low as £2,000.”
For tenants in new housing association properties, there will be an automatic right to buy a share of their home from as little as 10%, with the ability to increase that share over time, up to full ownership.
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%, giving “those on lower incomes the chance to own a stake in their property.”
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.”