Pepper Money has urged the Government to implement reforms to its shared ownership policy following a visit by the specialist lender to Downing Street.

Intermediary relationship director at Pepper Money, Rob Barnard, presented a white paper to No.10, highlighting the role that shared ownership plays in the housing market.

The white paper, titled Shared Ownership - A Vital Bridge to the Housing Market, has called for a more inclusive shared ownership market and comes ahead of the publication of the Government’s full prospectus for the new Social and Affordable Homes Programme in autumn.

At the heart of Pepper’s recommendations is a desire for more people to access shared ownership through financially responsible and sustainable methods, which the lender said would increase accessibility for shared ownership, give confidence in its future as a form of tenure, and increase transparency to improve long-term decision making.

“Shared ownership offers a vital bridge to the housing market for so many people who otherwise would struggle to buy their own home, but we know without action, this bridge will get harder to use for those who need it,” Barnard said.

“Our policy recommendations are pragmatic, cost effective, and provide certainty for the sector to ensure that shared ownership continues to be the vital pathway to home ownership so many rely on. The Government has rightly outlined their ambition to build 1.5 million homes by the next election, and that can only be achieved by supporting a range of types of home ownership, including shared ownership.

“The unintended consequence of the status quo is a less viable tenure, with shared ownership becoming less accessible for financially capable people seeking their own home and has the potential to undercut the Government’s own bold house building ambitions.”

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