It would also help plug the affordability gap for first-time buyers.
An improved shared ownership scheme, together with expanded funding, could potentially help many first-time buyers who cannot afford to enter the housing market because of the high level of house prices. The task force recommends improvements to shared ownership, and the CML looks forward to working on them with the Government and the Housing Corporation.
Commenting on today's report, the CML's director general Michael Coogan said:
"The Government should sit up and take notice of this report. It represents a real opportunity to take an imaginative approach to the problems currently facing first-time buyers. In particular, low cost home-ownership has the potential not only to help more people on to the property ladder but also to offer new alternatives for borrowers who get into difficulty with their mortgage. We have been working for many years for an improved safety net for vulnerable borrowers. Low cost home-ownership could be an important strand of this.
"Today's report should be matched by Government imagination, commitment and funding to deliver the dream of home-ownership to everyone that aspires to it."
