The government plans to help around 100,000 people in the UK buy their own home over the next five years.
The HomeBuy scheme will address the current financial obstacles people face when looking into home ownership, and try to suggest more affordable routes.
Under one of the proposals, known as Social HomeBuy, tenants will be able to buy a share in the property they currently live in.
The scheme as a whole focuses on the idea of equity sharing, and will not only provide buyers with a more financially viable option, but will also ensure financial sustainability for housing providers.
The other proposals, New Build HomeBuy and Open Market HomeBuy will give people “choice and flexibility when accessing affordable home ownership”, according to housing minister Baroness Andrews.
The new scheme is scheduled to be up and running from April 2006 onwards and is the first of its kind to be tried.
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