overwhelmingly satisfied with their tenure.
In a comprehensive independent evaluation report carried out for the
cent of shared ownership and Do-it-yourself shared ownership buyers
stated they were satisfied and over 90 per cent Homebuy purchasers
were satisfied and two thirds very satisfied with their form of
The research, launched at the National Housing Federation annual
conference in Birmingham, also found that LCHO schemes offered good
value for money for both the consumer and in terms of public subsidy.
Housing minister, Jeff Rooker, said the low cost ownership research
would go a long way towards helping inform the deputy prime
minister's longer-term vision for housing and sustainable
'Low cost home ownership schemes are vital in helping to tackle the
shortage of affordable homes. This evaluation will help shape our
long term programme of action to build sustainable communities and
provide homes people can afford.'
The report made a number of recommendations including a call for
strong championing and clear leadership of the LCHO programme both
from government and other organisations as well as better targeting
towards regions where there is the most need and demand.
1. The research was carried out by Glen Bramley and Jimmy Morgan from
the School of the Built Environment, Heriot-Watt University Edinburgh
in partnership with Lin Counsins and Kathleen Dunmore from Three
Dragons consultancy and MORI social research.
2. The government has been providing low cost home ownership since
the 1980's. The broad aims of the programme are to:
- Providing opportunities for households, who would not otherwise be
able to afford it, to enjoy the benefits of owner occupation where
this can be sustained
- Meeting pressing housing need, particularly homelessness, both
directly and also indirectly, through the release of units of
accommodation in the social rented sector
- Supporting and contributing to urban regeneration
- Creating more socially mixed and balanced communities
- Providing affordable housing opportunities for 'key workers'
required to deliver essential public services in pressured areas.
3. The LCHO programme is currently made up of Conventional Shared
Ownership (CSO), Do-it-yourself-Shared Ownership (DIYSO), and
Homebuy. In both CSO and DIYSO a customer will buy an equity share in
a property (usually from 25 per cent to 75 per cent) and rents the
remainder from an RSL. With DIYSO the customer buys a new or second
hand dwelling on the open market, whereas CSO generally involves the
supplier, normally an RSL, building a new property and therefore
increases the supply of housing. Homebuy is a form of equity loan
where part of the initial purchase cost of a property is met by an
RSL and treated as an interest free loan.
4. An electronic copy of the summary of the report can be downloaded
here. For a copy of the full report priced at£40.00, contact:
Housing Support Unit
Office of the Deputy Prime Minister
2/C6, Eland House
London SW1E 5DU
Public Enquiries: 020 7944 4400
Fax: 020 7944 4527
Office of the deputy prime minister website: http://www.odpm.gov.uk