On 8 September 2020, the Ministry of Housing, Communities & Local Government (MHCLG) proposed a new national model for shared ownership.
Along with key policy changes, MHCLG has set out the government response to a consultation on shared ownership that took place between August and September 2019.
Changes to shared ownership include:
- reducing the minimum initial share from 25% to 10%
- introducing a new gradual staircasing offer, to allow people to buy additional shares in their home in 1% instalments with reduced fees
- giving shared owners more control when they come to sell their home.
A technical consultation and update to the model lease will follow.