Levelling Up Committee launches inquiry into shared ownership

On 20th July 2023 the Levelling Up, Housing and Communities (LUHC) Committee launched an inquiry into the two low-cost shared home ownership schemes in England.  

Registered social landlords will already be considering the practical challenges they may face following the proposed change of tenancy statues of shared ownership under the Renters Reform Bill. Under the bill it is proposed that tenancies of more than 7 years, such as a shared ownership agreement, would be outside the assured tenancy regime. 

The inquiry will examine the challenges associated with shared ownership, including barriers to achieving full home ownership and whether it is genuinely an affordable route to owning a home.  

The committee will also explore challenges around reselling, affordability issues such as service charges and maintenance responsibilities, and questions around mortgage availability and the limited range of providers.  

The focus of the inquiry will be on the Shared Ownership Scheme and the Right to Shared Ownership Scheme in England.  

The committee is seeking written evidence on various aspects of the schemes, including their value for money, affordability, support for tenants, impact of changing regulations, availability of mortgage providers, repair costs, viability of full ownership, reduction of homeownership risks for lower income individuals, and data collection.  

The committee will also consider the viability and value for money of alternative schemes such as ‘Rent to Buy’. The inquiry aims to support first-time buyers and those with lower incomes in accessing affordable homeownership. 

The inquiry is accepting evidence until September 14, 2023.  

You can access the committee’s news article in full via this link.