Major expansion of shared ownership

December 7, 2015

David Cameron will today 7th December deliver keynote speech in which he will announce plans for the expansion of shared ownership,  opening the door to 175,000 aspiring homeowners, he will reiterate how the government is getting on with the job and delivering on its manifesto commitments to provide real security and opportunity at every stage of life.

Among the measures set out by the Prime Minister today will be plans to radically re-invent the shared ownership scheme – opening the door to an extra 175,000 aspiring homeowners and helping to deliver commitment to create 1 million more homeowners over the next five years.

In a major expansion to the scheme – which allows people to part buy, part rent properties, increasing their ownership over time – the government will be putting an end to restrictions that stop people using the scheme more than once.

This means that for the first time, those already in a shared ownership property will be able to move to another –allowing them to use the capital they have gained to move to a bigger property, as their families grow or circumstances change.

The government will also be changing old-fashioned rules that dictate that only those in certain professions such as key workers or those that live in certain areas could own a shared ownership property – locking out thousands from home ownership.

Instead, from April 2016 anyone earning below £80,000 in England and £90,000 in London will be able to buy a stake in a property – meaning around 175,000 more people could get a roof of their own over their head.

To see full announcement visit: https://www.gov.uk/government/news/prime-minister-this-is-a-government-that-delivers

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

bank of england interest rate
Breaking News

Bank of England Money and Credit – December 2024

These monthly statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses are used by the Bank’s policy committees to understand economic trends and developments in the UK banking system. Key points: Net borrowing of mortgage debt by individuals rose by £1.0 billion, to £3.6 billion in December. Net…
Read More →
Breaking News

Housing market gets off to its strongest start in three years, with new sales agreed up 12 per cent on 2024

The 2025 sales market has got off to a stronger start than in 2024 or 2023 with buyer demand up 13 per cent and 10 per cent more homes for sale Rising sales are supporting UK house price inflation which is +2.0 per cent in the year to December 2024, compared to -0.9 per cent…
Read More →
for sale sign london
Breaking News

Westminster council must outline how their proposals on property boards will not hinder market

Westminster City Council must explain how their proposals to renew the existing Regulation 7 Direction and expand it to the whole borough will not hinder the sales and lettings markets, Propertymark argues. At present, some areas of Westminster are subject to a Regulation 7 Direction, which means consent from the Council is needed to display…
Read More →
Breaking News

National Federation of Builders View on Chancellor’s Speech

At the Autumn Budget 2024, Chancellor Reeves scaled back her interference in the planning process. However, in her speech today, she returned to the position that a well-functioning planning system is crucial to not only enabling growth but, more importantly, sustaining it. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), commented: “The…
Read More →
Letting Agent Talk

Landlords and Tenants: A Balanced Relationship in the Private Rental Sector (PRS)

New findings from Leaders Romans Group’s (LRG) latest survey reveal a balanced picture of landlord-tenant relations in the UK. Contrary to negative stereotypes often portrayed, the data shows that tenants view their landlords positively while highlighting areas for improvement in communication and responsiveness. The survey found that 55% of tenants believe their landlord provides quality…
Read More →
Estate Agent Talk

Government Correct to Head Off Climate and Nature Bill

The ‘Climate and Nature Private Members’ Bill’, brought forward by Dr. Roz Savage MP, seeks to set new legally binding targets for climate and nature, as well as give the Secretary of State a duty to implement a strategy to achieve these targets. The National Federation of Builders (NFB) has worked closely with Government’s old…
Read More →