Residents in social and affordable housing can now buy a share in their home for the first time, as applications open for the government’s Right to Shared Ownership scheme.
The Department for Levelling Up Housing and Communities has today published new guidance for tenants to access the scheme, which allows them to buy a share of their property worth between 10% and 75%.
Tenants will be eligible if they have been in social housing for three years, their property was built under the government’s Affordable Homes Programme 2021-26, and they have lived in it for a year. The government says this option will become available to more tenants in the coming years.
Shared owners can gradually increase the equity stake in their home, with the option to eventually buy a 100% share in their property. This allows people to reduce the financial impact of buying a home, by accessing a lower mortgage and deposit.
Eligible tenants can apply for the Right to Shared Ownership by completing the application form and returning it to their landlord, who will carry out a series of eligibility checks.
Minister for Housing, Lucy Frazer, said: "All hard-working families and young people deserve the chance to live in a home of their own.
"We are helping tenants to do just that by supporting them with small, manageable steps onto the housing ladder, through the Right to Shared Ownership.
"Buying a home is one of the biggest financial decisions people take and this is just one of the ways we are helping more first-time buyers reach their goal."
