Housing: Shared Ownership

Lord Shipley Excerpts

Tuesday 6th November 2018 Lords Chamber

[Lord Bourne of Aberystwyth]

Both are important parts of the buying programme. We have been encouraging Help to Buy; the noble Lord will be aware that it has been extended for two years. We are very keen on shared ownership. As I said, a consultation on social housing has just ended. We seek to extend this more to private housing and are therefore asking for proposals. That consultation is open until 1 February 2019.

[Lord Shipley (LD)]

My Lords, does the Minister agree that the main reason why shared ownership is so important is the high price of houses? He referred to the announcement in the Budget. Will he explain further why Help to Buy, which has increased house prices and builders’ profits, has been extended in the Budget to 2023?

[Lord Bourne of Aberystwyth]

My Lords, we value shared ownership very much. That is why we are looking at it in the private context as well as the social one, where it was focused previously. As I have indicated, Help to Buy has been extended for a further two years. It is very easy for those in this House, most, if not all, of whom will own their own homes, but we should recognise that this is an aspiration for a lot of people and that is exactly what the Government have done.