A new white paper from Vistry and a coalition of supporters from across the housing sector sets out how a new housing model could help accelerate housing delivery across the country and unlock homeownership for more first-time buyers.
The white paper suggests that Choice-led Shared Ownership would enable eligible first-time buyers to purchase any qualifying new build home of their choice, on shared terms, with minimal public subsidy.
The model has a minimum initial share of 60% purchased via a conventional mortgage, while rent of 3.5% payable on the remaining 40% would be supported by institutional capital, a lender-provided debt tranche and a proposed 1% National Housing Bank equity contribution. The buyer would be able to increase their ownership share over time through staircasing, potentially reaching 100% ownership.
The white paper says that the Choice-led Shared Ownership would expand consumer choice and appeal to the “squeezed middle” of aspiring homeowners who are closer to being able to buy on the open market than traditional shared owners but remain locked out by deposit requirements and lender affordability testing.
Backed primarily by institutional investment, Choice-led Shared Ownership could offer a scalable route to homeownership with reduced reliance on grant funding. Vistry and supporters of the model are calling for further targeted support from the National Housing Bank to deliver the product nationally.
Analysis presented in the white paper estimates that the proposition could support up to 30,000 homes a year.
The report was developed in consultation with representatives from the housing sector, institutional investors, and policymakers. Engaging with more than 35 organisations, including registered providers, investors, government representatives and sector bodies, the consultation revealed broad support for the model among stakeholders across the country.
The report also suggests that the proposed model could accelerate the delivery of up to 150,000 new homes, around 10% of the government’s 1.5 million homes target.
Stephen Teagle, CEO of Partnerships & Regeneration at Vistry, said: “This report demonstrates that Choice-led Shared Ownership is implementable and scalable, offering a practical route to more accessibility and affordability for first-time buyers. It also has the potential to make a significant contribution to GDP and housing delivery, with minimal reliance on public subsidy.”
“It is clear that momentum is building behind this concept. Government and the housing and investment sectors now have an opportunity to turn that momentum into action, supporting economic growth while helping more first-time buyers access high-quality new homes.”
The white paper also outlines a series of recommendations for the market participants required to bring the model to market, including the establishment of a Choice-led Shared Ownership Taskforce, which would be responsible for creating an operational model ready for launch, gathering a firm pipeline of opportunities for investors and engaging with consumers.
Alex Notay, Chief Executive at The Housing Forum, said: “Tackling the housing crisis requires all elements of the housing ecosystem to be firing on all cylinders, and this white paper on Choice-led Shared Ownership is a strong contribution to that collective effort. It directly reflects the priorities set out in The Housing Forum’s most recent Housing Solutions report, especially the need to widen access for first-time buyers by modernising shared ownership income limits, improving consumer choice, and creating clearer, more flexible routes into ownership.”
“We have called for practical, cost-free measures that the government can swiftly enact to unlock supply and support new buyers. These proposals align with that agenda and help to move the sector towards solutions that are genuinely responsive to first-time buyer needs.”
Paul Rickard, Chief Executive at Pocket Living, said: “For the first time in 60 years, there is no support for first-time buyers. Our recent first-time buyer commission illustrated the importance of new sector led ideas and the creative thinking in this report frames the debate we need in order to support home builders, home buyers, and leverage in institution investment that remains nervous of UK residential housing. Critically, this proposal also has the potential to support SMEs like Pocket as much as national providers.”
