G15 reaction to new shared ownership model
The government has today (28 August) announced plans for a new shared ownership model.
The model would see people able to staircase in increments of 1%, rather than the present 10%. The Ministry of Housing, Communities and Local Government says this will help 'level up the whole country, closing the opportunity gap and helping millions of young people into home ownership'.
The plans include changes to Help to Buy - making it easier for people to get a mortgage.
The Housing Secretary, Rt Hon Robert Jenrick MP, has also said he will look to reform the planning system, supporting more people into home ownership.
Helen Evans, G15 Chair and Chief Executive of Network Homes said: "We welcome the debate on shared ownership and we will be giving a detailed response to the Government’s consultation. Some of the proposals mirror the recommendations made by the G15 in response to the Social Housing Green Paper, based on a successful model already adopted by Metropolitan Thames Valley which gives shared owners the option to staircase in increments of 1 per cent.
“We fully support low cost home ownership but more genuinely affordable rented homes are also needed. Research led by the G15 and GLA shows that London needs a sevenfold increase in funding to provide the affordable housing we need.”
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