Social Homes for Rent

Baroness Watkins of Tavistock Excerpts

Thursday 26th May 2022 Lords Chamber

[Lord Greenhalgh (Con)]

We do recognise that we have an ageing society, which is why a chunk of the £11.5 billion affordable homes programme will go towards subsidising housing for the elderly. We recognise in our planning policies that areas need to do their bit to house people, and also to enable people to remain in their homes if that is what they choose to do.

[Baroness Watkins of Tavistock (CB)]

My Lords, the promotion of shared ownership homes has helped some people get on to the housing ladder. However, the terms of resale are onerous, particularly for those who wish to move swiftly for new work. Some families default on the mortgage element of their shared ownership, which is likely to increase as a result of increased mortgage costs. Does the Minister agree that, if housing associations are expected to buy back such flats and houses in these circumstances, they could be put back into the social home rental market quickly?

[Lord Greenhalgh (Con)]

I recognise that there are issues with shared ownership tenure. One of the problems has been that many shared owners own only a small amount of the equity and are often faced with heavy remediation costs. I certainly take that point on board, and we should allow flexibility, where it makes sense, to shift from shared ownership into social housing. I shall take that point away and discuss it with my officials.