Update following responses to discussion paper on shared ownership
Flowing out of a strategic review of the future of homeownership, sponsored by Lloyds Banking Group, there was a general recognition of the potential of shared ownership to broaden access to homeownership.
As a follow up, Peter Williams, departmental fellow at the Department of Land Economy at the University of Cambridge and an established expert on housing policy and the housing market, agreed to chair an initiative to look at the opportunities around the expansion and improvement of shared ownership, building upon the achievements delivered to date. Lloyds Banking Group provided funding to support this work.
In early 2023, and based on the research findings, the expert group, with support from Social Finance, set out proposals which in their view would lead to a better experience of shared ownership and through that generate further momentum for an expanded shared ownership market. The resulting proposals were laid out in a discussion paper which was shared widely with cross-industry participants inviting their feedback.
Between May and July 2023, we received 31 written responses, most of those multiple pages in length, spoke at eight industry forums with wide attendance where we heard verbal feedback, and continued to engage with key government and regulatory stakeholders (e.g. at Homes England, GLA, DLUHC, RSH) on our progress. Fuller detail on respondents is given in the appendix to this document. The purpose of this note is to share with respondents and audiences:
• The level of agreement on the need for reform within shared ownership.
• The emerging shape of the industry-led framework this is leading to.
• The key points raised in qualitative responses and how they are part of our thinking.
