People in a shared home ownership scheme in the UK speak out about becoming stuck in a debt trap, as the Australian government presses on with its own version.
As the Australia n government's Help to Buy bill returns to parliament, experts say it should be shaped by the United Kingdom 's experienceAs the Australia n government's Help to Buy bill returns to parliament, experts say it should be shaped by the United Kingdom 's experience
Housing associations, local councils and other organisations called "providers" are the landlords of shared ownership properties in the UK.In the past five years, his service charges — which cover general maintenance and building insurance — ballooned from $150 a month to $800 a month. The Albanese government took its version of a shared home ownership scheme to the last election in 2022, but the legislation still hasn't gained the support needed in parliament.
Only 2.8 per cent of people who enter the scheme go on to buy the entire home, according to research by estate agency Savills. "We are currently paying over 6,000 pounds for service charges on top of the mortgage, on top of rent, and we are not high earners at all," she says.She says she would hesitate to get involved in any scheme that is to help first home buyers again.The scheme has helped some first home buyers, particularly residents outside of London.
While based on the same premise, there are key differences between the UK's shared home ownership scheme and Australia's proposed national Help to Buy program. "Successive reports have said the UK policy did not make homes more affordable for society in general, or address other pressing problems in the housing sector," he says.
Housing Policy United Kingdom Australia Anthony Albanese East London Shared Home Ownership Rent Renting Public
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