The London Assembly Housing Committee report ‘First Steps
on the Ladder’ looks at the mayor’s plans to help Londoners access 'affordable'
home ownership. The report finds that shared ownership – ‘part-buy, part-rent’
– is failing in its designed purpose to help low to middle income Londoners
into full owner occupation. Further highlights include:
·
The continuing rise in house prices could
jeopardise the long-term affordability of the shared ownership model
·
half of households that purchased shared
ownership homes in 2013-14 had a household income of £39,200 or above
·
Lower-income households from expensive parts of
London could struggle to access shared ownership housing
·
A survey of shared owners found evidence that
few households can afford to increase the proportion of the home they own
Read more on 24dash.
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