To help ensure Shared Ownership remains accessible to households on lower-to-middle incomes, the Government has announced an increase to the household income eligibility caps for the scheme.
These limits have remained unchanged since 2016 and are now being updated to reflect the impact of inflation and earnings growth.
From the new year, the maximum eligible household income will increase from:
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£80,000 to £90,000 for applicants outside London
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£90,000 to £110,000 for applicants in London
For properties outside London, the updated limits will be reflected in the Homes England Capital Funding Guide, while changes for London will be incorporated into the next Annual Monitoring Report for the London Plan.
This change is expected to widen access to Shared Ownership for more households who may previously have exceeded the eligibility thresholds.
If you have any questions about how this may affect your clients or applications, we'd be happy to talk it through with you. Contact the team here.