New model for Shared Ownership: technical consultation – Homes for the South West response
Homes for the South West members have submitted their collective response to the Ministry for Housing, Communities and Local Government’s technical consultation regarding the ‘New model for Shared Ownership’.
All Shared Ownership homes delivered through the Affordable Homes Programme 2021 to 2026 will be subject to the following changes introduced by the government under the new model for Shared Ownership:
i) Reduced the minimum initial share from 25% to 10%
ii) Introduced a new gradual staircasing offer, to allow people to buy additional shares in their home in 1% instalments with heavily reduced fees
iii) Introduced a 10-year period during which the shared owner will receive support from their landlord to pay for essential repairs
iv) Given shared ownership leaseholders (shared owners) more control when they come to sell their home.
This consultation seeked views from all interested parties on the implementation of the new model for Shared Ownership, so that relevant views and evidence can be considered ahead of final implementation.