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UK plans to spread homeownership, tenants to get 70% discounts when buying

Staff writer |
The UK Prime Minister and Chancellor have set out plans to accelerate housing building over the next 5 years saying that one nation government is squarely on the side of working people who want to get on and enjoy the benefits of home ownership.

The plans, which will form part of the Housing Bill to be introduced this autumn, include steps to build discounted homes for first time buyers on all reasonable sized developments, unlock public land for hundreds of thousands of new homes and back small builders with planning changes.

And in a direct message to opponents of reform, the Prime Minister and Chancellor have made clear that they are determined to reward hard work across society and help people into their own homes and will press ahead with plans to give housing association tenants the chance to buy their own home, benefitting from a discount of up to 70% when they do so.

For too long an entire generation has been locked out of home ownership, with home ownership levels amongst 25 to 34 year olds falling from 59% to 36% over the last 10 years.

This government has three main plans to help people:

Help to Buy – the popular programme, which has already helped more than 100,000 into their own home by helping with the costs of deposits, will be extended until 2020

Starter Homes – 58,000 people have already signed up to show their interest in owning one of these new homes – exclusively for first time buyers under 40, at a 20% discount. 200,000 of these new homes will be built over the next 5 years.

And to deliver this, the government is announcing that every reasonable sized housing site must include starter homes – and a new duty will be placed on councils to make sure they include starter homes in their future housing plans for their area

Right to Buy – the government will be pressing ahead with plans to give housing association tenants the opportunity to buy their own home and ensuring that, like local authority tenants, they will get a discount of up to 70% – bringing them on a par with the benefits already enjoyed by council tenants across the country.

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