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Jenrick announces shared ownership measures

Words: Laura Edgar
Shared ownership / iStock-962302472

Housing secretary Robert Jenrick has confirmed that there will be a new model for shared ownership to make it easier for people to buy more of their own home.

The measures include allowing people to buy part of their homes in 1 per cent increments and they will be able to get on the housing ladder with deposits as low as £2,000.

The review was announced at the end of August.

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 (17 October) will mean more people, including residents living in new housing association homes, are given the opportunity to get on to the housing ladder.”

New housing association property tenants will have an automatic right to buy a share of their home from as little as 10 per cent and can increase that share over time, up to full ownership. For existing housing associations, the government will work them on a voluntary basis to determine what offer can be made to tenants, so that the new right to shared ownership is extended as widely as possible.

Further measures include cutting the minimum initial stake from 25 per cent to 10 per cent, giving those on lower incomes the chance to own a stake in their property.

Image credit | iStock