Abolish premiums on shared ownership houses in Milton Keynes

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Jessica Walden started this petition to Milton Keynes Local MP (Local council)

This petition is for all the first time buyers doing shared ownership in Milton Keynes who can no longer afford it. In 2020 the council were supposed to investigate the “premiums” that estate agents are putting on shared ownership properties.

Some are as high as £30,000 which has to be paid upfront, on top of your deposit resulting in needing £50,000 altogether. The premium is not for fixtures and fittings but simply for demand of interest on the property, meaning any run down property which has had no work done at all can get away with adding this price on top. If a surveyor went around to view a house and it was for “fixtures and fittings” it would be taken off as there are no improvements to the property.

You would need less of a deposit buying outright which then makes the shared ownership scheme void. House prices in Milton Keynes are already high, resulting in a higher deposit to begin with. The premiums are stopping young people from getting a chance on the property ladder, when you cannot borrow a full house price this is their only option. 

They only exist within Milton Keynes and something needs to change. Why doesn’t anywhere else have it in the UK? 

Please Sign Below with the hopes the council will finally investigate this problem. 

0 have signed. Let’s get to 1,000!
At 1,000 signatures, this petition is more likely to be featured in recommendations!