Shared Ownership (2)

Meeting: 
MQT on 2015-01-21
Session date: 
January 21, 2015
Reference: 
2015/0295
Question By: 
Murad Qureshi
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

What does the Mayor stipulate as the minimum level of ownership required for shared ownership at the outset of the schemes and what targets are set for HAs to achieve full ownership for residents?

Answer

Answer for Shared Ownership (2)

Answer for Shared Ownership (2)

Answered By: 
The Mayor

The minimum initial equity purchase for a shared ownership property is 25%, and the maximum is 75%. Shared owners are required to purchase the maximum share within this range that they can afford and can staircase to 100% in minimum shares of 10%. There are no targets set for Housing Associations to ensure residents achieve full ownership and nor would it be appropriate as this is an individual decision for each shared owner.