Published April 2016
A new report by the Smith Institute shows that the prospects for shared home ownership are much brighter in the North West than in London and the South East. There are new opportunities for scaling up shared ownership in the region, and not just for those on low to average incomes but for older people and those who want to build their own home. However, efforts to promote shared ownership are threatened by the Government’s Starter Homes Initiative, which is heavily biased towards outright ownership.
The report, ‘from the margins to the mainstream: a study of the prospects for shared home ownership in the North West’ (by Smith Institute research fellow, Andrew Heywood and commissioned and supported by Equity Housing Group), is based on in-depth interviews with housing associations and councils, a survey of lenders and analysis of the barriers to expanding shared ownership.
The report is optimistic about shared ownership in the North West and concludes that it could be a major feature of the housing devolution agenda for the city-regions. But that potential needs more support from the Government and the Homes and Communities Agency. The evidence highlights the need to improve the incentives for new sales and re-sales vis-à-vis outright sales, boost lender confidence and improve the overall poor marketing of shared ownership homes.
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