Property: Shared Ownership
Debate between Viscount Younger of Leckie and Lord Bird
Viscount Younger of Leckie
I do not have a figure for the cost, but the noble Lord might like to be reminded that the income cap for this shared ownership policy has gone up from £60,000 to £80,000 in England, and I am pleased to say that it has gone up to £90,000 in London. That means that we are allowing 175,000 more households to have access to shared ownership.
Lord Bird (CB)
My Lords, is the fact that London houses are going up in price by £500 a day, according to the January figures, likely to have an effect on how many people can afford even a shared home?
Viscount Younger of Leckie
Obviously when prices go up it has an effect. However, we have put a lot of thought and research into this particular policy, in conjunction with other policies, and we believe that it is affordable. In London, for example, we look at a two-bed house costing £275,000, and we believe that the figures show this to be affordable.