The funds are intended to address falling levels of home ownershipThe housing secretary pledged £11.5 billion today to build up to 180,000 discounted homes over the next five years to help first-time buyers onto the property ladder. Half will be available to buy using affordable home ownership schemes from 2021. The rest will be discounted or social rentals, which are typically 50 to 60 per cent cheaper than renting privately. The funding, which was announced in the chancellor’s last budget, is part of Homes England affordable house-building programme that is intended to address falling levels of home ownership. The proportion of under 35s who own their own home has dropped from 65 per cent to 27 per cent since the 1990s, according to government figures.

Source: The Times September 07, 2020 23:15 UTC