The sector’s reticence to shout about shared ownership puts our ability to tackle the housing crisis at risk

The planned changes to the shared ownership model require careful discussion with government. We must ensure that these measures support our shared aspiration to not only build more affordable shared ownership homes, but also to continue to deliver affordable rented homes, which are so desperately needed.

The lower minimum share purchase and new responsibilities for landlords for internal repairs and maintenance mean we need to discuss the higher grant rates needed to deliver these homes and the impact these may have on volume, particularly in London, which saw a reduction in funding through the AHP.

Metropolitan Thames Valley (MTVH) pioneered 1% staircasing through our SO Resi Plus model, so we welcome the inclusion of micro-staircasing in the new national model – four times as many customers staircase with us each year through this route compared with traditional 10% or higher transactions.

Our innovation with SO Resi Plus was driven by our desire to respond to the legitimate needs of customers and to make shared ownership an even better product. Shared ownership is a proud part of MTVH’s history. Our journey began in the 1970s, as our pioneering founders looked for a solution to the market failure that was preventing so many people from securing an affordable home to own. We now have more than 8,500 shared ownership homes and want to substantially increase that number over the next 10 years.

Yet, I feel the sector needs to show more commitment to taking shared ownership forward as a key part of how we address the housing crisis. I fear its reticence to shout about the role shared ownership plays as a genuinely affordable product that can change lives is putting at risk our ambitions to tackle the housing crisis in a way that doesn’t detract from building affordable rented homes.

Analysis by the mayor of London’s office has found that almost half of people buying a shared ownership home cannot afford private rents. Households benefiting from shared ownership earn roughly the median household income in London (approximately £45,000), which is less than half that of those buying on the open market, and is below the income levels of two essential workers, such as a nurse and a housing association repairs officer.

What is more, the average deposit required to buy a shared ownership home in London is six times lower than the average deposit for a market sale home. In fact, many people can access shared ownership with deposits from as low as the equivalent of three months’ rent.

I, for one, am proud that we can offer a solution that is affordable for many, including essential workers wishing to live somewhere close to where they work – let’s remember that most of them can’t work from home.

We should be shouting about the role shared ownership has to play in the recovery to come. If we don’t, we can’t be surprised when new products, such as First Homes, are brought in to fill this important space that make it harder to deliver homes for affordable rent.

If we don’t take the lead on responding to the reforms announced this month and if we aren’t bolder in articulating the role shared ownership must play in tackling the housing crisis, we can’t be surprised if we are left on the sidelines as the government looks for alternative answers.

Geeta Nanda, chief executive, Metropolitan Thames Valley