Affordable Housing Prospectus Published

Housing Secretary Robert Jenrick has today (8 September 2020) announced that the prospectus inviting bids for the government’s massive investment in affordable housing and new measures to make it easier to get a foot on the property ladder are being launched this week.

Housing Secretary Rt Hon Robert Jenrick MP said:

• Today’s announcement represents the highest single funding commitment to affordable housing in a decade and is part of our comprehensive plans to build back better.
• This government is helping hard-working families and prospective first-time buyers get their feet on the housing ladder in an affordable way.
• Thanks to the range of flexible ownership options being made available, more families across the country will be able to realise their dreams of owning their own home, with half of these homes being made available for ownership.

It has also been announced that there will be a change to shared ownership. The new model will:

• Reduce the minimum initial share that can be bought in a property from 25 per cent to 10 per cent.
• Allow people to buy additional shares in their home in 1 per cent instalments, with heavily reduced fees.
• Introduce a 10-year period for new shared owners where the landlord would cover the cost of any repairs & maintenance.

Please click here for the full press release.
Please click here to download a copy of the prospectus.