A RADICAL shake-up to help low-income Brits move up the property ladder for just thousands of pounds is to be unveiled by Ministers.
Communites Secretary Robert Jenrick plans to rip up existing rules around ‘shared ownership’ housing to make it far easier for people to own a greater chunk of their new home.
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Under existing rules, Brits have to a buy a minimum 25 per cent of a shared ownership property, rent the rest and then increase their equity in tranches of 10 per cent a time.
Mr Jenrick wants to change this to allow Brits to move up at 1 per cent a time – so it’s more affordable and encourages them to take the plunge in the first place.
It means Brits could up their equity for as little as £1,000 depending on the value of the property.
Mr Jenrick told The Sun: “Most people want to own their home. But for millions the dream seems out of reach.
‘FIRST BIG STEP’
“It’s my mission to change that and our new shared ownership scheme is the first big step.
“This will help tens of people buy their home in small, affordable chunks.”
He added the new ‘Staircase Rule’ should come into force early next year.
Currently some 180,000 people are in shared ownership accommodation –either with housing associations or private developments.
It’s the latest move by the Tories to try and win back 30 to 40 year-old voters who they are convinced left them in 2017 because of the chronic shortage of available homes.
Entering Downing Street, Boris Johnson said Britain suffered from “one of the worst housing crises in the democratic world”.
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Home ownership has collapsed to 27 per cent for under 35s – compared with 65 per cent in the 1990s.
And soaring house prices now average almost 8 times average earnings.
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