🚫 Too many shared owners are trapped in homes they can no longer afford, with no viable exit route.

Grateful to Select Committee Chair Florence Eshalomi for asking Housing Secretary Steve Reed MP about the long-term affordability of shared ownership.

#UKhousing
#SharedOwnership

🗨️ Baroness Thornhill:

"I was obviously aware of the issues around shared ownership, but what shocked me was the actual costs incurred and the amounts of money lost"

Why is shared ownership marketed as affordable housing? Where is the evidence?

🗨️ "They really are the raw end of the market. They get a raw deal in many different ways"

Baroness Thornhill is right.

❌ Far too many shared owners are trapped in properties they can't sell and can no longer afford.

👉 It is time for the Government to fund buybacks.

A shared owner wrote to the Committee about the financial & emotional impact of trying to sell their flat.

🖋️ "This case is not unique. It highlights systemic failings within shared ownership."

@matthewpennycookmp.bsky.social shared owners need buybacks and a statutory right to exit the scheme.

🚨 Association of Mortgage Intermediaries warning about shared ownership:

"While the model is designed to reduce entry costs by allowing buyers to purchase a share of a property and pay rent on the remainder, the overall affordability is often questionable."

#mortgages
#SharedOwnership

🖋️ "Shared Ownership, as it currently exists, is not a genuinely affordable or secure route to home ownership. It has been marketed as a stepping stone but has in practice become a trap for many people like me."

Written evidence submitted to the Housing Committee.

📤 Our next email update will focus on subletting and buybacks.

Are you a shared owner?

Join us ⬇️

🔗 tinyurl.com/SharedOwnersNetwork

🗓️ The Renters' Rights Bill will be back in the House of Lords on 14 October.

Lord Young of Cookham has again tabled an amendment to protect shared owners who are accidental landlords because of the building safety crisis.

This is what the Minister said in Parliament last month.

🗨️ @matthewpennycookmp.bsky.social

"I know from my own efforts to support shared owners in my constituency of Greenwich and Woolwich that those affected by the building safety crisis often face unaffordable costs, often with no viable exit route other than a distressed sale."

#SharedOwnership

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☑️ Buybacks
☑️ Valuations
☑️ Subletting
☑️ Resales
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☑️ Building safety

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#SharedOwnership

⚖️ Shared owners won a court case against their housing association, Notting Hill Genesis, who charged them for services they don't have access to.

❌ The housing association is now appealing the ruling.

#SharedOwnership

✅ Another great question from Baroness Thornhill.

🏢 What are Ministers planning to do to prevent a two-tier market for shared ownership properties❓

🔗 Minister's response in next post

#SharedOwnership

📢 Shared owners

Only 4️⃣ days left to submit your written evidence to the Select Committee inquiry.

❗Deadline: 29 August

🔗 committees.parliament.uk/call-for-evi...

Focus on this question. Tell MPs about your experience as a shared owner and what needs to change ⬇️

#SharedOwnership

🔴 BUYBACKS

More support from the House of Lords ✅

Baroness Thornhill asked the Government to use some of their new 'Social and Affordable Homes Programme' budget to fund buybacks.

#SharedOwnership #HousingCrisis

Link to Minister's response in next post.

Are you a shared owner?

Don't miss our next email update.

Join us ➡️ tinyurl.com/SharedOwners...

🗨️ "I was obviously aware of the issues around shared ownership, but what shocked me was the actual costs incurred and the amounts of money lost"

Baroness Thornhill speaking in the House of Lords yesterday👇

#SharedOwnership
#UKhousing

📻 Eddie Nestor wanted to know how many shared owners staircase, so he pressed Jo Short, from the housing sector, for answers.

🗨️ "The statistics around people staircasing to 100% ... don't exist."

🤔 @matthewpennycookmp.bsky.social why is shared ownership still sold as a step on the ladder?

🆕 BBC investigation shows sharp increase in complaints from shared owners to the Housing Ombudsman

👉 Based on their own experience, 90% of our members would NOT recommend the shared ownership scheme to family & friends.

📰 bbc.co.uk/news/article...