Dr Alison Wallace, senior lecturer in social policy and housing, Centre for Housing Policy, University of York comments to the Levelling Up, Housing and Communities (LUHC) Committee are summarised, highlighting some of the concerns you should consider before buying a shared ownership property, worth reading in full if this is something you were considering:

• Entry costs for shared ownership are lower compared to options like the now-defunct Help to Buy, but overall expenses can be unpredictable.
• The Consumer Price Index (CPI) plus one percent annual rise in the rental portion of shared ownership is now less relevant due to stagnant wages and inflating house prices.
• Sue Phillips, founder of Shared Ownership Resources, highlighted a lack of detailed data on the benefits of shared ownership, especially beyond three years of ownership.
• Shared ownership can lead to financial difficulties if housing costs exceed a third of net household income.
• Phillips called for research into capping shared ownership affordability at 30 percent.
• There is a misconception between demand for shared ownership and its value for money, with some owners experiencing buyer’s remorse.
• Upcoming changes to shared ownership, like shifting repair costs to housing providers, create a two-tier system and don’t address long-term issues.
• Rent to buy, suggested by Steve Collins of Rentplus-UK, could be a better route with no upfront costs and service charges included in rent.
• Shared ownership is considered complex, and an independent, impartial information source is recommended for better understanding.
• Staircasing (increasing ownership share) is often unfeasible due to high costs and market conditions, leading many to not fully own their homes.
• Proposals to reform staircasing focus on administrative fees but overlook the main issue of high costs at current market values.
• Local authorities are suggested to be restricted from limiting the amount that can be purchased in staircasing.
• The social housing sector loses a home every time a shared owner staircases to 100 percent.