Posted 08.12.15
Prime Minister David Cameron delivered keynote speech in which he announced plans to radically re-invent the shared ownership scheme - opening the door to an extra 175,000 aspiring homeowners and helping to deliver commitment to create 1 million more homeowners over the next five years.
In a major expansion to the scheme - which allows people to part buy, part rent properties, increasing their ownership over time - the Government will be putting an end to restrictions that stop people using the scheme more than once.
This means that for the first time, those already in a shared ownership property will be able to move to another -allowing them to use the capital they have gained to move to a bigger property, as their families grow or circumstances change.
The Government will also be changing rules that dictate that only those in certain professions (such as key workers), or those that live in certain areas, could own a shared ownership property - locking out thousands from home ownership.
Instead, from April 2016 anyone earning below £80,000 in England and £90,000 in London will be able to buy a stake in a property - meaning around 175,000 more people could get a roof of their own over their head.
Other announcements in the PM's speech included speeding up delivery of discounted Starter Homes for first time buyers, with an £8 million fund for councils to prepare land that's lying unused for the first wave of new homes. This will see work commencing on on 27 starter homes sites across the country.
