Wednesday 28 August 2019 / 10:18 AM Housing

Tinkering with shared ownership is meaningless when low cost homes aren’t being built

Sarah Jones MP, Labour’s Shadow Housing Minister, commenting on news that the government will change the rules around shared ownership properties said:

“Tinkering with the details of shared ownership is meaningless when lack of investment from government means low cost homes for ownership simply aren’t getting built.

“The Tories have failed to deliver the low-cost homes we need to get people on the housing ladder. Just 1% of all homeowners have accessed shared ownership, and the number of these and other low-cost homes being built each year has almost halved since its peak under Labour.

“The Conservatives’ ‘affordable’ housing is increasingly out of reach for people on lower incomes.  Labour will introduce a new affordability standard, with revolutionary new FirstBuy homes: discounted homes with mortgage payments set at no more than a third of incomes.”