Today the Government is announcing a new package of measures to help thousands of lower earners to step onto the housing ladder.
We want more people to get a foot on that latter, benefitting from the stability of owning a home, which is why today we are giving housing association tenants in new properties the right to shared ownership of their home.
With a deposit as low as £2000 they will be able to get a foot onto the housing ladder, then buy more of their home in small chunks, making buying a home much more affordable. This means more and ore hard working people up and down the country will have the opportunity to own their own home so that they can look forward to a brighter future for themselves and their family.
The new model will help fulfil the Prime Minister's priority to level up the whole of the country, closing the opportunity gap and helping young people move into home ownership.
This new automatic right to buy a share of your home is a great start. In addition to this, further measures to make ALL shared ownership homes more affordable have also been confirmed. This involves cutting the minimum initial stake from 25% to 10% giving even more people a chance to buy a home. For those ready to move on before they reach 100% ownership, we are also streamlining the resales process, making it even easier to sell a home.
Great improvements with more to come.