Housing Secretary, Robert Jenrick, has announced plans for a new model for shared ownership.
The government are hopeful that these new changes will help a greater number of lower earners onto the housing ladder.
As part of the changes, people will be able to buy their home in 1% increments, rather than the standard 10%.
In addition to the shared ownership plans, the housing secretary said he will look to reform the planning system with the aim of increasing housing delivery.
Homeowners and first-time buyers using the help-to-buy scheme could also be given new freedoms which would make it easier to take out a 35-year mortgage.
Earlier this week, it was announced the government have closed a loophole which barred buyers from taking out a mortgage with a term more than 25 years.
Mr. Jenrick said he aims to make homeownership more affordable for people looking to buy their first home, particularly in the UK’s least affordable areas.
Commenting on the new plans – which is expected to come into effect in 2020 – Mr. 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.
“That’s why I am announcing radical changes to shared ownership so we can make it simpler and easier for tens of thousands trying to buy their own home.
“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.
“I will be looking at ensuring young people from Cornwall to Cumbria aren’t priced out of their home areas and how we can build public support for more housebuilding and better planning.”
“This Government will help a new generation to own their home.”
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