Submitted by Richenda Thompson on Saturday 2nd July 2022
Published on Thursday 7th July 2022
Current status: Closed
Closed: Saturday 21st January 2023
Signatures: 136
Relevant Departments
Tagged with
Affordable ~ crisis ~ Houses ~ Housing ~ housing crisis ~ income families ~ inflation ~ Mortgage ~ Mortgage Rates ~ mortgages ~ property ~ RISE ~ Shared ~ Steps ~ system ~ work
Limit rent charges on new shared ownership properties to ground rent
We believe the current shared ownership system does not work. The rent and mortgage combined can make it unaffordable for many, especially younger people. The rent element should constitute ground rent only, and not a rental charge for the share of the property the tenant does not own.
With rising mortgage rates and inflation contributing to increased rent, many low-income families are struggling to make shared ownership work. We believe this step could help tackle the housing crisis the Government is facing, and make shared ownership properties more affordable.
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18.191.89.2 Wed, 18 Dec 2024 10:52:03 +0000
