To ask the Secretary of State for Levelling Up, Housing and Communities, what assessment he has made of the potential merits of a gradual homeownership scheme; and if his Department will make an assessment of the potential merits of adding gradual homeownership to existing property purchasing arrangements ahead of the Autumn Statement.
The Government's £11.5 billion Affordable Homes Programme 2021-2026 aims to deliver up to 180,000 new homes, should economic conditions allow. Approximately half of these homes will be for affordable home ownership, including Shared Ownership.
Shared Ownership enables a buyer to purchase an initial equity stake in a home of between 10%-75% of its market value. Following purchase, the buyer can then gradually increase their equity stake in the home, as and when they can afford to do so, all the way up to full ownership, with some limited exceptions.
In April 2021, the Government launched its new model of Shared Ownership. This new model will make Shared Ownership more consumer friendly, easier to access and fairer, leading to a better experience for a future generation of home owners.