The paper, Homebuy: Expanding the Opportunity to Own, sets out proposals to introduce simpler, fairer homeownership opportunities for more people, while protecting the supply of social homes.
Prescott said Social HomeBuy would help councils and housing associations to deliver the government’s five-year strategy on sustainable communities.
He said: ‘Social HomeBuy will support regeneration and the creation of more mixed communities on estates.
“Working tenants will be able to realise their homeownership aspirations without leaving their existing home, meaning a better mix of incomes in neighbourhoods and more sustainable communities.”
The CML has welcomed the commitment to encourage the expansion of homeownership.
It said it was looking forward to developing the work it had already begun with the government to expand the growth of schemes that help buyers build up an equity share in their first home.
CML deputy director-general Peter Williams said: “While the proposed expansion of shared equity through Homebuy is relatively modest, it shows a welcome commitment to expanding homeownership that the government and lenders can build on in the future.”
Duncan Pownall, mortgage development manager at Bradford & Bingley, said: “Labour can be applauded for its efforts to increase homeownership, however it is if, when and how these plans are put into practice that will boost the public’s confidence in both the government and its plans to help solve the housing problem.”
