A BBC investigation into the shared ownership housing scheme has uncovered significant complaints regarding costs, transparency, and repairs from current homeowners. Florence Eshalomi MP, chair of the Commons Housing Committee, emphasized the importance of ensuring the next generation isn't adversely affected by these issues. Many shared owners expressed dissatisfaction, including one individual who described the scheme as a "gimmick" and warned potential buyers about hidden costs that often arise, such as soaring service charges and unexpected fees. The government recognizes these challenges but insists shared ownership remains a key option for aspiring homeowners.
"They glamorize it but in the process of buying they don't tell you the service charge could triple, Section 20 notices."
"It’s vital that we don’t see the next generation of homeowners caught up in these issues."
"Shared ownership has a role to play in supporting households into home ownership, but we are aware of the challenges faced by some who have entered the scheme."
"I wanted people to know about the problems before they consider buying one."
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