Commenting on the Levelling Up, Housing and Communities Committee report into Shared Ownership, Paul Broadhead, Head of Mortgages & Housing at the BSA, said:

“Building societies are committed to supporting first-time buyers to purchase their own home. We view shared ownership as one of the proven routes of attaining this and it has supported many would be home-owners to achieve that dream.

“Shared ownership provides an attainable alternative to remaining in the private rented sector, providing shared owners with security of tenure and a stake in their own home. Lenders remain committed to improving the scheme to best serve the needs of shared owners and welcome efforts to improve the affordable housing offer. The Levelling Up, Housing and Communities Committee's inquiry has played a key role in this. 

“We are particularly keen to see greater support provided to shared owners through improved regulation, better advice, and standardisation of information provided to consumers. We look forward to continuing to work with Homes England and Government and Registered Providers to ensure the shared ownership market is functioning as intended and is achieving its objectives of providing greater access to home ownership for those that could otherwise be priced out of it.”

Ends

The report is available on the Committee's website here