Property: Shared Ownership

Baroness Farrington of Ribbleton Excerpts

Wednesday 23rd March 2016 Lords Chamber

[Viscount Younger of Leckie]

Yes, indeed. I will have to write to the noble Baroness with the actual statistics but we are looking at this as one of several serious options for ensuring that young people get a hand on the housing ladder. The noble Baroness may know that a shared owner can come in and purchase a share of between 25% and 75%. We are following up on the current statistics but this is a future policy that we are working on.

[Baroness Farrington of Ribbleton (Lab)]

My Lords, if the Minister cannot tell me now, will he write to me with information about the current rate of shared ownership in London and the south-east and the Government’s prediction of what it will be in the light of their housing policy? Is the Minister aware that many people, such as nurses and police officers—lots of people working in the public sector—despair of being able to take jobs that are available in London, and that staff recruitment is very weak?

[Viscount Younger of Leckie]

Indeed, this is the very thinking behind our policy, which is to enable those who do not earn too much to get a hand on the housing ladder by buying a share. This would include the very people who the noble Baroness has mentioned, such as teachers and particularly those who work in the very important healthcare and NHS sector. It is exactly what the policy is about. It is obviously more expensive in London—we have had many discussions on that in the housing Bill—but we believe that it is possible. If someone bought a 25% share of a two-bedroom house in London the deposit they would put down would be £3,800, which I understand could still be quite high, but is possible.