The new £12.2 billion Affordable Homes Programme will see the biggest investment in affordable housing in a decade, aiming to deliver up to 180,000 affordable homes over 5 years across the country.
Robert Jenrick addressed the RESI convention yesterday and in his keynote speech, he added it is anticipated that “around half of the homes [delivered with assistance from the fund] will be for ownership, with the vast majority of these available through a new, more accessible model of Shared Ownership.”
This will be the first programme following the introduction of the Right to Shared Ownership model where buyers can buy a first tranche as a minimum of 10% (down from 25%) and are able to staircase in increments of at least 1% (down from 10%).
Our MD, David Bethell has said “These changes aim to bridge the gap between renting and home ownership for a lot of people across the country. Government policy is clear that home ownership tenures will need to be half of the total affordable homes delivered. Hence we’re encouraging all our contacts to review their Development and Sales policies and procedures to prepare as we move towards the new programme.”
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