A Home of Your Own launches in London

A Home of Your Own is a scheme that offers council and housing association tenants the chance to buy a home on the open market using the standard shared ownership model. The scheme will help people purchase across five London boroughs – Bexley, Bromley, Greenwich, Lewisham and Southwark – giving more Londoners the opportunity to own a home of their own.

The scheme began as a pilot in Sevenoaks, Kent, where it supported 9 local households into affordable home ownership. Moat and Sevenoaks District Council are making plans to extend the scheme on the back of this success.

Moat and the GLA held a launch event at London’s Living Room at City Hall, introduced by Richard Blakeway, Deputy Mayor for Housing, Land and Property, who said:

“Shared ownership is a fantastic way to help Londoners on modest incomes access home ownership. The Mayor is on course to help 50,000 Londoners purchase through low cost home ownership, and has set an ambitious goal of a quarter million Londoners benefiting through affordable home products over the next decade.

This pilot, which offers potential buyers greater flexibility over the home and financial package, is part of a series of changes the Mayor is making to boost the building of part-buy, part-rent housing. It is part of a range of structural changes which are required in our housing market to increase supply, attract investment and expand the choice of housing products.”

Moat’s Chief Executive Elizabeth Austerberry also spoke at the launch:

“We’ve delivered affordable home ownership in various forms for over 30 years. During this time it has helped thousands of people find a home. As we move through perhaps the biggest housing crisis in a generation, shared ownership is more important than ever, even more so in London.

A Home of your Own is the natural next step for shared ownership – providing the opportunity for London’s social tenants to scour the open market for a home of their choice. It’s about getting shared ownership to work harder for those who need it most. I’m really excited about our partnership with the GLA and hope that A Home of Your Own provides much needed affordable homes, inspires further innovation, and brings us one step closer to bringing an end to housing need.”