In an attempt to improve the number of home owners, particularly among young people, the government have announced a change to the shared ownership scheme. Under the previous system people could buy a proportion of their home, which can be as little as 25%, and then pay a subsidised rent on the rest.
10% portions of the home could then be purchased, allowing for more of the home to be owned. Under the new plans 1% increments will be considered, making it easier to buy more of the home.
Housing Secretary Robert Jenrick said, “Building the houses this country needs is a central priority of this government. We know that most people still want to own their own home, but for many the dream seems a remote one. My mission is to increase the number of homes that are being delivered and to get more young people and families onto the housing ladder, particularly those on lower incomes.
Help to Buy, the cut to Stamp Duty and our home-building programmes are already making a real difference, but I am clear we need to go much further if we are to make the housing market work.”
This is good news for Oxfordshire with new housing popping up across the county from Banbury and Bicester to Abingdon and Watlington, it will hopefully provide greater opportunities for Oxfordshire residents.