As part of the expansion, the government will put an end to restrictions that stop people using the scheme more than once.
This means that for the first time, those already in a shared ownership property will be able to move to another – allowing them to use the capital they have gained to move to a bigger property.
The government will also be changing old-fashioned rules that dictate that only those in certain professions such as key workers or those that live in certain areas could own a shared ownership property - locking out thousands from home ownership.
Instead, from April 2016 anyone earning below £80,000 in England and £90,000 in London will be able to buy a stake in a property - meaning around 175,000 more people could get a roof of their own over their head.
Cameron will also announce plans to speed up delivery of discounted Starter Homes with an £8m fund for councils to prepare land that’s lying unused for the first wave of new homes. This will allow building to commence on 27 starter homes sites across the country.
Speaking today, the Prime Minister is expected to say:
"For years, we’ve had Shared Ownership, where you part-buy, part-rent a property. So many people are attracted to this idea, especially those who thought they’d never have a chance of owning a home.
"But, because it’s been heavily restricted, many of those people have missed out. We’ve had local councils dictating who is eligible, based on everything from salary to profession to where the buyer comes from.
"From April next year, that will make 175,000 more people eligible for home ownership. It means some people will be able to buy a house, for example, in Yorkshire, with a deposit of just £1,400. It will be opened up to people of any occupation, the only restriction being that you have to earn under £80,000, and £90,000 in London."
