Changes to shared ownership meaning it's easier to get on the property ladder.

September 1, 2019

I'm pleased with new measures announced by Housing Secretary, Robert Jenrick MP, to help people on lower incomes get onto the housing ladder.

 

The Housing Secretary has announced that there will be a new model for shared ownership, making it easier for people to buy a home of their own and helping young people into the security of home ownership.

 

The Government has committed to reviewing a new national model for shared ownership which allows people to buy a proportion of their home while paying a subsidised rent on the rest to help thousands of lower earners step onto the housing ladder.

 

People will be able to buy more of their home in one per cent increments, rather than the 10 per cent currently required – which can be as much as £45,000 every time.

 

People use shared ownership to buy a proportion of their home – which can be as little as 25% - and then pay a subsidised rent on the rest.

 

I’ve been really pleased with the action Government has taken so far, including Help to Buy, the cut to Stamp Duty and the home-building programmes, which are already helping people across Mansfield and Warsop.

 

Of course, there is more to do and I look forward to working closely with the Housing Secretary in my new role as Parliamentary Private Secretary to the Ministry of Housing, Communities and Local Government

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