Shared ownership: 'It's a con and we felt trapped'
Summary
Shared ownership allows people to buy a part of a home and rent the rest. Some participants, like Chris and Diana, found it difficult and costly to sell their properties. Complaints about shared ownership, including issues with costs and repairs, have increased dramatically in recent years.Key Facts
- Shared ownership involves buying part of a property and paying rent on the remaining portion.
- Chris and Diana from East London lost £10,000 trying to sell their shared ownership home.
- Complaints about shared ownership have increased by almost 400% in five years.
- In 2024, the housing ombudsman received 1,564 shared ownership complaints.
- 44% of these complaints were from London, with the South East having the second most.
- Common complaints include problems with repairs, costs, management, and selling.
- Kathy bought a 40% share in a flat and faces high service charges and slow repairs.
- She had to take a lodger to cover costs and said a sewage issue was unresolved for years.
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