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š The Housing Select Committee has published its report on homeownership affordability.
It concludes:
š "Shared ownership (...) is not a long-term affordable option for many of the buyers to whom it is marketed."
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The Shared Owners' Network retweeted
Of course it won't benefit existing shared owners, we have already been trapped. Cheers @mtpennycook will there be any help for us? Head lease on top of lease, GR, no control etc. Same as leasehold less rights.
This is what the new Select Committee report says about shared ownership, in full.
MPs note that changes to the scheme do not benefit existing shared owners.
Our position is clear @mtpennycook, the shared ownership scheme should not be marketed as affordable housing.
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The Shared Owners' Network retweeted
Iāve seen posters for Shared Ownership up in East London. Probably not going well for flat sellersā¦
nhghomes.com/the-door-club
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The Shared Owners' Network retweeted
"The government shouldnāt really need a 73-page report in the current environment to realise that (...) even the sectorās much-coveted shared ownership model is ānot a long-term affordable option for many of the buyers to whom it is marketedā."
Jun 12
My look back at the week: Will the government wake up to the fact that āso-called affordable housingā is beyond many peopleās reach? insidehousing.co.uk/insight/ā¦
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The Shared Owners' Network retweeted
Thank you @FloEshalomi and @CommonsHCLG
Tired of reading MHCLG lines about minor tweaks to the scheme that don't apply to us, and will make our unaffordable flats even more difficult to sell.
This government has done nothing to help shared owners.
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The Shared Owners' Network retweeted
Jun 13
SO is marketed as affordable to allow clever developers and housing providers to access grants and gratuities from the government. No other reason why they would call it affordable. Not even the affordable rent which is supposed to be 80% market rate they inflate the valuation.
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š The Housing Select Committee has published its report on homeownership affordability.
It concludes:
š "Shared ownership (...) is not a long-term affordable option for many of the buyers to whom it is marketed."
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The Committee recommends that Government adopt a definition of 'affordable housing' that works for people, not just for planning.
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This is what the new Select Committee report says about shared ownership, in full.
MPs note that changes to the scheme do not benefit existing shared owners.
Our position is clear @mtpennycook, the shared ownership scheme should not be marketed as affordable housing.
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The Shared Owners' Network retweeted
They know shared ownership is a one sided money making scheme so the people who provide them will never lose out. Compounding interest mortgages require specialist legal advice yet compounding rent schemes donāt?!
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Two years after this damning Select Committee report, ministerial correspondence is still recycling the same tired claim that shared ownership has "an important role to play".
Where is the evidence, @mhclg?
We've found that shared ownership schemes are failing to deliver an affordable route to homeownership.
We're calling on the Government to take urgent and significant action to reform how shared ownership works.
Read our report š committees.parliament.uk/comā¦
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The Shared Owners' Network retweeted
Jun 4
I regret buying a shared ownership home ā we can only own 80% and will struggle to sell trib.al/qUzw8dl
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"The couple will need to find the money to pay for a lease extension at some point (...) no one warned them about the additional costs"
ā Most shared owners were sold short leases as a matter of policy. Few were warned about the consequences. Many are now paying the price.
Jun 4
I regret buying a shared ownership home ā we can only own 80% and will struggle to sell trib.al/qUzw8dl
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The Shared Owners' Network retweeted
š¢ Service charges are one of the most common issues leaseholders contact us about.
Join our free webinar on Monday 29 June, 7pmā8pm, for practical information on service charges.
ā”ļø Register to attend
zoom.us/webinar/register/WN_ā¦
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The Shared Owners' Network retweeted
ā ļø "Shared owners must not be shut out of decisions which directly affect them."
The Housing Select Committeeās message to ministers could not be clearer. The question now is: will they listen?
šļø Link to Committee report in next post.
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Todayās HCLG Committee report calls for the government to go further and faster on reform.
Will @mhclg act on the committeeās recommendations and ensure shared owners arenāt left behind?
The Housing, Communities and Local Government Committee has published its report on the draft Commonhold and Leasehold Reform Bill. The government must go further and faster to address the problems with leasehold.
Read our report: committees.parliament.uk/comā¦
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The Shared Owners' Network retweeted
Grateful to @FloEshalomi and the committee, but I can't see how shared owners - or indeed private leaseholders - in mixed-use blocks can ever benefit from commonhold if the housing association has a headlease with control over a majority of units.
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The Shared Owners' Network retweeted
š£The Government must go further and faster on commonhold and leasehold reform, says Housing Committee
Recommends the government accelerate the timetable to bring in the Ā£250 Ground Rent cap by late 2027.
@CommonsHCLG @mhclg
share.google/0mxRFH70h9ZHrvbā¦
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ā ļø "Shared owners must not be shut out of decisions which directly affect them."
The Housing Select Committeeās message to ministers could not be clearer. The question now is: will they listen?
šļø Link to Committee report in next post.
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Housing Select Committee report on the draft Commonhold and Leasehold Reform Bill.
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publications.parliament.uk/pā¦
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