Consultation: New National Model for Shared Ownership
The government is reviewing a proposed new national model for shared ownership and is holding an online consultation up until 29th September.
The aim of the review is to make it easier for people to buy more of their own home, including allowing them to buy in 1% increments.
They are seeking views on:
- Making it easier to increase the share you own: allowing owners to purchase shares in much smaller increments
- Making it easier to sell your home: by giving the owner more control over the sales process
- Making it easier to get a mortgage: by ensuring there is one preferred national model for shared ownership
The proposed reforms suggest the introduction of a new national simplified model for shared ownership, designed with industry to work for aspiring home owners in today’s housing market.
This new shared ownership model will effectively support people who cannot afford a mortgage on a market property, providing them with a realistic pathway to full ownership. It will be fairer, more affordable, and more consumer-friendly as well as a better model for the market to deliver.
Government recognises the key role that lenders, housing associations, local authorities and private investors will play in ensuring a new product is successfully delivered.
The purpose of the consultation is set out the principles of a new model, to seek views on how the model should be developed further and to ask whether there are other changes we should be considering to improve shared ownership so it becomes a tenure of choice for young, aspiring homeowners struggling to get on to the housing ladder.
To access the consultation survey, click here.