Shared Ownership must be recognised as a specific tenure in its own right - BSA
Ahead of the Prime Minister's speech on Shared Ownership Paul Broadhead, Head of Mortgage Policy at the Building Societies Associationsays it is time to recognise the scheme as a specific tenure in its own right.
If Shared Ownership is to grow and fulfil its potential, it is time to recognise it as a specific tenure in its own right, alongside buying and renting. People often self select against it believing it is not for them and is appropriate or available for key workers only. Government's clear recognition of it as a way for the many rather than the few to get decent affordable housing may start to take it more mainstream. The sheer need is highlighted by the comparison between the new maximum income threshold of £80,000 and the average UK income of £27,600. However, for this form of tenure to really take off more work is needed to beat the main inhibitor, the lack of a secondary sales market.
