The Levelling Up, Housing and Communities (LUHC) Committee has published an initial tranche of 10 written evidence submissions for its shared ownership inquiry.
The submissions have been received from a range of individuals and stakeholders, including organisations such as the National Housing Federation, Great Places Housing Group, Shared Ownership Resources, the Department for Levelling Up, Housing and Communities, Rentplus, and the Housing Ombudsman.
The written evidence submissions cover a range of issues relating to the costs and affordability of shared ownership, difficulties around increasing shares, and matters concerning complaints, property condition, charges and estate management.
The committee will publish further written evidence submissions later this month, ahead of the opening public evidence session in early December.
The shared ownership model enables people to buy a share in a property, usually from a housing association, and pay subsidised rent on the rest. Sometimes known as ‘part buy, part rent’, shared ownership requires a smaller deposit and mortgage, making it, in theory, a more affordable route into home ownership.
The committee’s inquiry will examine the challenges associated with shared home ownership schemes, including barriers to achieving full homeownership and whether shared ownership is genuinely an affordable route to owning a home.
The committee is also likely to explore challenges around reselling, affordability issues such as service charges and maintenance responsibilities, and questions around mortgage availability and the limited range of providers.
Author: Max Salsbury