Residents in the borough could be the first in east London to buy quarter stakes in their homes under innovative new shared ownership plans designed to make it easier to get on the property ladder.

Set to launch later this year, the council’s trailblazing Right to Part Buy programme will enable 1,000 households to benefit from “affordable” shared ownership.

It will allow residents earning between £20,000 and £50,000 to buy a 25 per cent stake in their homes and pay rent on the remaining equity.

The homes will be split 50/50 between new-build housing, including the Leys Estate in Dagenham, and existing council properties across the borough.

Although similar schemes already exist in the likes of Hillingdon and Southwark, the council believes it is the first local authority to offer shared ownership.

Last month the Post reported that Westminster Council has moved 11 households into Barking and Dagenham in the past 18 months, a trend Council Leader Cllr Darren Rodwell hopes the shared-ownership scheme will hope to reverse.

“We want our houses to be for our own borough’s residents and this will help ensure that’s the case,” he said.

“We do not think it is right that our residents because of their income levels are unable to own their own homes.

“People on average wages in the borough can now afford to buy a stake in their homes.

“It’s a win-win for residents and the council.

“You still have to pay a bit of rent, but if you ever want to sell-up, the council will buy back the property – [which is] cheaper than building new homes.”

The borough has seen a 25 per cent turnover of residents in the past ten years and it is hoped that the initiative will create a more stable community as homeowners are more inclined to put down roots,.

The first residents to take up the offer are expected to move into their properties by the end of the year.