This commitment from the Chancellor will have the positive impact of raising the profile of Shared Ownership, which has traditionally been an immature home ownership market, leading to greater uptake and seeing it become a more mainstream way of owning property.
Commenting on the Chancellor’s commitment to deliver 135,000 Help to Buy - Shared Ownership homes as announced in the Autumn Statement 2015, Chris Wilson, Head of Social Housing for KPMG, said:
“This commitment from the Chancellor will have the positive impact of raising the profile of Shared Ownership, which has traditionally been an immature home ownership market, leading to greater uptake and seeing it become a more mainstream way of owning property.
“Relaxing or removing previous restrictions – such as local authorities’ rights to set additional eligibility criteria – will increase the flexibility of the Shared Ownership and widen access, meaning a greater number of people can benefit.
“This is positive news for housing associations, too, who are already heavily involved in providing Shared Ownership. They may be able to use their experience here to help counteract the knocks they’ve received recently as a result of various reforms.
“The only potential fly in the ointment is that mortgage lenders have traditionally been more reluctant to finance these types of transactions, but hopefully they will become more active as Shared Ownership becomes more widespread.”
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