Government pledges to increase number of affordable homes

The government has announced new measures to help more people get onto the property ladder, as part of a £12.2bn investment in increasing affordable housing.

A new shared ownership model would see the minimum initial share to buy in a property reduced from 25% to 10%.

People would also be able to buy additional shares in their home in 1% instalments with heavily-reduced fees.

The £12.2bn investment, listed in the Budget, includes £700m for new homes.

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Source: BBC

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