Bill to help more people buy homes they can afford

This bill creates new ways for people to buy homes when they cannot afford full market prices. It allows the government to offer shared ownership schemes where buyers purchase a share of a property and pay rent on the remaining portion. The bill also lets councils sell land below market value to developers who agree to build affordable homes. It sets up a new government fund to provide loans and grants for first-time buyers. The government says this will help young people and families get on the property ladder. Critics say it may increase house prices overall and reduce the amount of social housing available for rent.

• 1Creates shared ownership schemes where buyers own part of a home and rent the rest
• 2Allows councils to sell land cheaply to developers building affordable homes
• 3Sets up a government fund to give loans and grants to first-time buyers
• 4Defines affordable housing as homes sold below market price
• 5Gives local authorities new powers to identify land for affordable housing