“The publication of this White Paper has been long awaited, and while we welcome the Government’s renewed pledge towards fixing Britain’s ‘broken housing market’ the ultimate issue still remains - what do they mean by ‘affordable’?
“From our own research, we know that homebuyers view affordable as a home that costs in the region of £125,000* to buy outright; meaning despite the popularity of shared ownership schemes (only 1 in 5 shared ownership properties are bought by first time buyers**) people do not really count these transactions as affordable housing.
“And while we welcome the Paper’s focus on building the millions of properties needed, there is still a lack of detail of whether these will be priced sensibly for all generations. We know that would-be downsizers have already told us that they feel unable to move due to a lack of suitable, right-sized, right-priced homes – highlighting the fact that any government measures need to give consideration to all home buyers and movers.
“However, we are delighted that the Government has committed to leasehold reforms via consultation. It is no secret that leasehold purchases are often more complicated, time consuming and incur greater stress for the homebuyer, compared to buying a freehold property, and so any move which protects the consumer, is welcomed.”