The Government has published a discussion paper on changes to shared ownership that aim to improve the customer experience with the product.
29 August 2019
In his first housing announcement as Secretary of State for Housing, Communities and Local Government, Robert Jenrick has proposed three key areas for change:
- making it easier for people to increase their share of ownership, including by staircasing by amounts as little as 1% after their initial purchase
- making it easier for people to sell their home by replacing the eight week ‘pre-emption’ clause with a time limited Right of First Refusal for the housing association to buy back the home
- introducing a standardised national model for shared ownership, to give confidence to consumers and lenders.
We welcome the fact that the proposed changes aim to make staircasing easier and simplify the process for shared owners. We know that prospective purchasers can find the product confusing, and our new shared ownership campaign aims to address this challenge. In our response, we’ve emphasised the sector’s readiness to work with the Government on this consultation.
We’ll be working closely with our members and the Government to ensure that the detail of any proposed changes works for housing associations and shared owners. We’ll also continue to emphasise the need for investment in all tenures, including crucially in social rented homes, to finally end the housing crisis.
The consultation closes on 29 September and we'll be submitting a response on behalf of the sector. We want to make sure this is shaped by your views, so please send us your thoughts on the questions in the discussion paper by 18 September.