Housing Secretary announces £12 billion boost for affordable homes
Robert Jenrick launches Affordable Homes Programme including 180,000 new homes and changes to Shared Ownership
On Tuesday 8th September, Robert Jenrick announced a new investment in housing to help the country ‘build back better’, including homes available for social rent and changes to the Shared Ownership scheme.
What is the Affordable Homes Programme?
The announcement outlined a new £11.5 billion Affordable Homes Programme which aims to deliver 180,000 new homes across the country over a five year period between 2021 to 2026.
Around half of these new homes will be available for affordable home ownership – including a revamped Shared Ownership scheme – aiming to help even more people get a foot on the property ladder. The remainder will be available for discounted rent, including 10% for supported housing to support those with physical or mental health challenges.
Additionally, the Housing Secretary has launched a consultation to consider ways to make all new homes more accessible for older and disabled people.
Affordable Homes Programme: Shared Ownership
The Affordable Homes Programme has outlined updates to Shared Ownership with some big changes being made to the scheme:
- The minimum share buyers can purchase will be lowered from 25% to 10% of the full market value of the home.
- Shared Owners will also be able to buy additional shares through the staircasing process in instalments of 1% with heavily reduced fees.
- The introduction of a 10-year period for new Shared Owners where the landlord will cover the cost of any repairs and maintenance.
Alongside these changes, A Right to Shared Ownership will also be available on the majority of rental homes delivered through the new programme, providing tenants with a pathway into ownership by giving them the right to buy a stake in their home.
Register with Share to Buy to be kept up to date with all developments regarding the Affordable Homes Programme, as well as housing options such as Shared Ownership and Help to Buy. You can also start your property search on Share to Buy’s portal today!