The government is relaxing the criteria for those who can apply for the shared ownership scheme from April.
Aspiring homeowners could need a deposit of as little as £1,500 to realise their dream of homeownership under new measures announced by the government. It is relaxing the criteria for those who can apply for the scheme from April 2016, and believes that 175,000 more people will be eligible for homeownership across the country.
Communities Secretary Greg Clark said: “We’re determined to ensure that hardworking people right across the country once again see home ownership as an achievable ambition to achieve. Shared ownership schemes have proved a real help to first-time buyers, but punitive restrictions have locked too many out of this opportunity to buy.”
Housing Minister Brandon Lewis said: “We believe that anybody who works hard and aspires to own their own home should have the opportunity to realise their dream. It’s all part of a national crusade to turn generation rent into generation buy, helping one million more people into homeownership.”