Shared ownership A 'gimmick' or here to stay?

A BBC investigation has raised serious concerns about shared ownership housing schemes, revealing complaints about costs and transparency. Florence Eshalomi MP, chair of the Commons Housing Committee, underscores the need for clarity regarding the £39 billion government investment aimed at social and affordable housing. Many shared owners, like Lee, have come forward to share their frustrations, with Lee labeling the scheme a "gimmick" after facing unexpected costs and difficulties in selling his home. He bought a 40% share of a flat in 2012 and has since incurred significant bills, including a £5,000 charge for major works. Eshalomi points out the alarming rise in complaints to the ombudsman, especially in London, highlighting a pressing need for improved transparency and engagement with residents.

The government plans to build 180,000 affordable homes by 2026, with a significant portion designated for shared ownership. However, the details of how this funding will address existing issues remain unclear. The ongoing challenges faced by shared owners like Lee reflect broader concerns about the effectiveness of the shared ownership model in achieving true affordability.