New housing measures for those on low incomes

Housing Secretary Robert Jenrick has confirmed a package of measures to help people on lower incomes get onto the housing ladder.

First announced during the summer, the government is reviewing a new national model for shared ownership to make it easier for people to buy more of their own home, including allowing them to buy in one per cent increments. Now that this has been confirmed, it is believed that people will now be able to get on the housing ladder with deposits as low as £2,000.

Additionally, 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 per cent, with the ability to increase that share over time, up to full ownership.

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.”