Housing Secretary announces a new model for shared ownership
Housing Secretary Robert Jenrick has announced a new shared ownership model which comprises measures to help people with low income to buy their homes.
This model includes a significant investment in affordable housing (£12.2 billion, which also includes £700 million on new homes through the 2016 to 2022 programme).
It also reduces the minimum initial share you can buy in a property from 25% to 10%; allows people to buy additional shares in their home in 1% instalments, with heavily reduced fees; introduces a 10-year period for new shared owners where the landlord will cover the cost of any repairs and maintenance.
The new share ownership model will be carried out on the new build Shared Ownership homes. That will a part of the new Affordable Homes Programme, which will begin in 2021 and include £11.5bn of planned funding over five years (from 2021 until 2026), providing up to 180,000 new
Housing Secretary Robert Jenrick said, “Today’s announcement represents the highest single funding commitment to affordable housing in a decade and is part of our comprehensive plans to build back better.
“This government is helping hard-working families and prospective first-time buyers get their feet on the housing ladder in an affordable way.
“Thanks to the range of flexible ownership options being made available, more families across the country will be able to realise their dreams of owning their own home, with half of these homes being made available for ownership.”
New Houses by Program shared ownership
Address: Aerodrome Road, London NW9 5JE – Colindale
Address: 1 Academy House, Thunderer Street, Upton Park, London, E13 9DP – Upton Park
Address: Quartermile Lane, London E20 5LR – Stratford