At the recent Budget announcement Chancellor Rishi Sunak said the Government has an ambition to turn ‘generation rent into generation buy’. It’s a sentiment we can get behind as we work to support more people into sustainable, high-quality homes.
That’s why we welcome the outline of the new Shared Ownership model, which will ultimately make the scheme more accessible for aspiring homebuyers. By reducing the minimum share needed for potential buyer to secure their home, the model will likely become a more attractive option for those who don’t have large deposits to rely on.
Our Associate Director of Sales and Marketing, Stuart Hensby, said:
“We are supportive of the changes made to the Shared Ownership model, which will help many people hop onto the housing ladder. These changes will also make staircasing easier, providing more security for people wanting to buy their home through this route.
“The new model also embraces choice and opportunity, giving shared owners more options when it comes to selling their home. This scheme, which forms part of the wider Affordable Housing Programme, will make a real difference to people’s lives.”
One change that many will welcome – both in the sector and among customers – is the offer of a 10-year repair-free period on new build homes. This means landlords will be responsible for elements of repair costs during this time and relieve pressure for residents.
