The Department for Levelling Up Housing and Communities has published new guidance that enables residents in social and affordable housing to access the government’s Right to Shared Ownership scheme.
For the first time, tenants of social and affordable housing schemes will be able to buy a share of their property worth between 10% and 75%.
To qualify for the scheme tenants must have been in social housing for three years, the property they reside in must have been built under the government’s Affordable Homes Programme 2021-26 and they must have lived in the property for a year.
Lucy Frazer, minister for housing, 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.”
Shared owners can gradually increase the equity stake in their home, with the option to eventually buy a 100% share in their property.
