The Conservative London mayoral candidate has said he will fund 100,000 shared ownership homes, to be sold at an initial share of £100,000 each.
Conservative London mayoral candidate Shaun Bailey wants to fund the construction of 100,000 ‘millennial homes’ to be sold at £100,000 each (picture: Parsons Media)
Shaun Bailey said that if he is elected next year, he will make the homes available for first-time buyers under 40, who will be able to pay a deposit of just £5,000 to buy a share in one of the properties.
Under the government’s new shared ownership model, first announced in September last year, shared owners would then be able to increase their shares in their homes in increments as low as 1%.
His policy stands in contrast to that of the current London mayor, Sadiq Khan, who recently announced that 50% of the upcoming affordable housing programme in London would be for social rent, with the funding expected to deliver 82,000 additional homes from April onwards.
Mr Bailey said his shared ownership policy does not mean that he will not fund the delivery of social housing and other rented tenures, but said his priority is to help young people onto the housing ladder.
The London mayoral elections were originally due to be held in May this year, but were postponed until next year because of the COVID-19 crisis.
Mr Khan has said he will use the election as a referendum on rent controls, arguing that if he is re-elected next year, the government will be forced to give him powers to restrict private rents in the capital.
Mr Bailey said: “The overwhelming majority of Londoners want to own a home. And the mayor of London’s job is to help make that happen.
“But over the past four years, Sadiq Khan mostly built homes for renting, not buying – locking a generation of Londoners into rented accommodation, unable to save for a deposit.
“So during my first term as mayor, I’ll fund the construction of 100,000 millennial homes to be sold at £100,000 each. This will cut the deposit from £109,000 on average to £5,000.
“This policy is personal. I spent parts of my 20s homeless, wondering whether I’d ever get on the housing ladder. Shared ownership was the first step on the housing ladder for me and my priority is to give more young people the same opportunity too.”