The government has launched an £11.5 billion programme to build 180,000 new homes across the country over the next five years. Mandy Shum Conveyancer reports.
It’s hoped that the move will unlock a further £38 billion in public and private investment in affordable housing. New homes will be made available from next year.
Around half of the new homes will be available for affordable home ownership, helping more people to get a foot on the housing ladder.
To support people from all backgrounds, the remaining homes will be made available for discounted rent, including 10% for supported housing – to help those with physical or mental health challenges.
Nearly £7.5 billion will be delivered outside London by Homes England, the government’s housing accelerator.
The Greater London Authority has been offered £4 billion and negotiations about what they will deliver with this funding are in progress.
The government has also announced a new model for Shared Ownership by vastly reducing the minimum initial share and launching a consultation to ensure new homes deliver the accessibility that families need.
The new Shared Ownership model will:
- reduce the minimum initial share you can buy in a property from 25% to 10%
- allow people to buy additional shares in their home in 1% instalments, with heavily reduced fees
- introduce a 10-year period for new shared owners where the landlord will cover the cost of any repairs and maintenance.
A Right to Shared Ownership will be available on most rented homes delivered through the new programme, providing tenants with a pathway into ownership by giving them the right to purchase a stake in their home.
If you would like advice about the legal aspects of buying and selling a home please contact Mandy on 01768 720924.