Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Housing, Communities and Local Government, what assessment he has made of the effectiveness of the Government’s Shared Ownership Scheme.

Shared Ownership has a vital role to play in offering a route into home?ownership to those who would otherwise struggle to afford it.?In 2018-19, there were over 13,000 shared ownership sales recorded, with the median deposit required to buy a shared ownership home at £13,000. In total, 100,000 Shared Ownership homes have been delivered since 2010.

We recognise there is more to do to make Shared Ownership work better for aspiring homeowners which is why we have committed to reforming the standard model and extending it as widely as possible.

We have confirmed a new model for Shared Ownership, which will reduce the minimum initial share required to 10 per cent, introduce 1 per cent staircasing and introduce a 10-year period during which the landlord will support with the cost of repairs.

We believe these reforms will make the scheme more consumer friendly, more accessible and fairer, leading to a better experience for a future generation of shared owners.