Affordable Home Ownership
In October 2019 the Government announced it will introduce a new national model for shared ownership, including:
- Allowing people to ‘staircase’ in 1 per cent increments, rather than the current 10 per cent increments;
- For tenants in new housing association properties, there will be an automatic right to buy a share of their home; and
- Cutting the minimum initial stake from 25 per cent to 10 per cent.
The London Assembly Housing Committee held an open forum session with Londoners on 4 November to discuss their experiences of Shared Ownership with specific focus on:
- Affordability and service charges
- Choice of type, size and location of properties
- Ownership restrictions
The Committee is currently investigating Shared Ownership as an option for Londoners to get onto the property ladder and what the Mayor can do with this model of affordable home ownership.
Want to get involved and find out more? Contact Lisa Lam, External Communications Officer, 020 7084 2713