Tenants living in social and affordable housing may be able to own a share in their homes through the Right to Shared Ownership scheme.

Applications for the scheme opened today and it is the first time that social tenants will be able to buy shares in their homes of between 10 and 75 per cent.

This applies to tenants who have lived in social housing for at least three years, in homes built through the government’s Affordable Homes Programme 2021-26. They must have lived in the property they want a share in for at least a year.

Tenants can gradually increase their stake and eventually work their way up to becoming a full owner of the property. They must apply by completing an application form and sending it to their landlord, who will do an eligibility check.

The ability to buy shares will open to more social housing tenants later.

Lucy Frazer, minister for housing, said: “All hardworking families and young people deserve the chance to live in a home of their own.

“We are helping tenants to do just that by supporting them with small, manageable steps onto the housing ladder, through the Right to Shared Ownership.”

She added: “Buying a home is one of the biggest financial decisions people take and this is just one of the ways we are helping more first-time buyers reach their goal.”