The Earn Your Deposit Scheme will help Woking residents who rent properties from Woking’s Arm’s Length Housing company, Thameswey to “earn” a deposit to enable them to buy their first home.
The aim of this approach is to give hope to many young people that they can get onto the property ladder.
This will be for people from all backgrounds so that those without the benefit of the bank of mum-and-dad can still own their own home.
The approach also helps protect properties to rent as people do not have the right to buy the home they are renting but can earn a deposit to go into the private sector and buy their own home, leaving the rental property they lived in available to other people in need of affordable homes.
Ultimately Woking wants to replace Right to Buy with this approach to stop the continuing loss of affordable homes to rent.