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The Queens Speech Today– Over a Million More People Given the Chance to Own Their Own Home

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Community Secretary Greg Clark is expected to announce landmark changes in the Queen’s Speech today to widen home ownership to millions of those wanting to own their own home.

Measures announced will include:-

Right to Buy to be extended to 1.3 million housing association tenants with the same discounts offered to council tenants.

The proposed discount for houses would be 35% of the value of the property once a tenant has been resident for 3 years rising by an extra 1% for each following year of residence. For flats the discount would be a more generous 50% of the value of the property once a tenant has been resident for 3 years rising by an extra 2% for each year of residence after that.

Right to Buy discounts were increased in 2012 and are capped at a maximum of £77,900 outside London and £103,900 in the capital city.

conveyancing quotesReceipts from the sale of council properties will be used to build new council homes for those on the waiting list.

First time buyers under 40 will be helped onto the housing ladder with a 20% discount on 200,000 new starter homes to be built across the country. A new register of brownfield land will help to fast track the construction of new homes on previously used sites near to existing communities.

The Help to Buy equity loan scheme is to be extended to 2020 giving even more people the opportunity to buy their own home. With the new Help to Buy equity loan scheme the Government lends you up to 20% of the cost of the property meaning that you only need a cash deposit of 5% and a 75% mortgage to make up the balance.

The Communities Secretary Greg Clark said the new Housing Bill would give more than a million people a helping hand onto the housing ladder.

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