Shared Ownership Schemes: Young People
The question
To ask the Secretary of State for Housing, Communities and Local Government, what assessment he has made of the effectiveness of the Shared Ownership scheme in helping young people into long-term home ownership.
Answered by Matthew Pennycook
The affordability challenges facing prospective first-time buyers mean that too many people are now locked out of homeownership.
In addition to increasing the supply of homes of all tenures, the government is supporting people into home ownership, including through the shared ownership scheme.
Shared Ownership has already helped thousands of people take their first step on to the housing ladder. It plays a vital role in offering a route into home ownership to those who would otherwise struggle to buy a home.
The evidence suggests that shared ownership effectively support younger home buyers. In 2023–24, 65% of purchasers were aged under 40, including 32% under 30, based on CORE data which can be found on gov.uk here and in Live Table 695 on gov.uk here. It should be noted that this reflects only recorded transactions by Registered Providers and does not capture all shared ownership sales.
The government is considering what more can be done to improve the experience of shared owners.
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