Select committee: Housing, Communities and Local Government Committee
Conclusion 4
Fifth Report - Shared Ownership
Published 28 Mar 2024
Paragraph 46
Addressed to Ministry of Housing, Communities and Local Government
Housing, Communities and Local Government Committee Shared Ownership All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
Shared ownership as an ‘affordable homeownership’ scheme is predicated on shared owners being able to save enough money to staircase (eventually to 100%). However, its affordability appears to be so marginal for many shared owners that there is no guarantee that staircasing will be possible for them, and the guidance for Homes England’s Affordability Calculator does not explicitly recommend providers assess the likely affordability of future staircasing for prospective shared owners before the purchase is made. This puts into question the effectiveness of the product as a homeownership scheme.
From: Housing, Communities and Local Government Committee, Fifth Report - Shared Ownership (HC 61), paragraph 46, 28 March 2024
Government response
The government responded to the whole report on 23 May 2024 (deadline 28 May 2024).