Launch of a new Right to Shared Ownership Program

UNITED KINGDOM: A new programme has been introduced to allow qualified tenants of social housing to own a share of their property as part of the government's effort to assist more individuals in purchasing their own homes. (Reported by news source)

The initiative enables individuals who already reside in social and inexpensive housing to purchase a first-time equity stake in their property ranging from 10% to 75%.

After then, they can raise their stake until they fully own the property. The government's initiative to encourage more individuals to purchase their own house includes the action.

"All hard-working families and young people deserve the chance to live in a home of their own," Housing Minister Lucy Frazer said.

You can use cash or a mortgage to buy a stake of your house in the programme that ranges from 10% to 75% of the total value. Alternately, you can use moderate staircasing, in which case your ownership holding would increase by 1% year. You continue to pay rent for the area of your house that you don't own, with your first year's rent payments being capped at 3% of the unowned component.