The government has revealed its plans for a new shared ownership scheme which aims to get tenants on to the housing ladder from as little as £2,000.
Tenants who are in new housing association properties will be given an automatic right to buy an initial share of their home from as little as 10% and over time, increasing that share to full ownership.
According to the government, a housing association tenant renting a £200,000 property could buy an initial 10% stake worth £20,000, while paying subsidised rent on the remaining 90% of the property. The tenant could make up this 10% stake through a £2,000 deposit and a £18,000 mortgage.
Purplebricks Group plc (LON:PURP) engages in estate agency business in the United Kingdom, it provides services relating to the sale & lettings of properties.