Mr Burns: I support the motion. I need not say much by way of introduction other than to restate that we now find ourselves in the midst of a housing crisis.

Although the problem is complex and multi­dimensional, we all knew that one existed. However, it was allowed to grow unchecked. Under direct rule, there was little that we could do about the problem, so we now find ourselves in a somewhat desperate situation.

The problem was not of our making, but, thankfully, the solution can be. An increase in co-ownership can be part of that solution. It genuinely saddens me that many thousands of people out there with good jobs, who work very hard to get on in life, and who earn what most people would consider a good wage, simply cannot afford to buy their own home. In the current climate, those on average wages, let alone those on low incomes, have no chance of owning their own home. As I have said, it fills me with regret that so many people in our society cannot achieve their ambition. No matter how hard they work, they cannot afford their own home.

Co-ownership has proved popular because the scheme is credible and has a strong track record. The scheme meets the needs of the wide range of people who face affordability problems. Simply put, co-ownership is a good way in which to get a foot on the property ladder. It is for that reason that I support that part of the motion that calls for an increase in co-ownership, whether that be to 10% of the overall housing market or to another increased figure.

I suggest that most people think of co-ownership as a buy-half/rent-half deal.

In fact, some variation in shared equity — from 40% to 75% — is already available. Although that offers some flexibility, Co-Ownership Housing outlined in its strategy document that it wants an expanded range of co-ownership purchase options that could be individually tailored to buyer’s needs. If this organisation believes that that would be a good thing then I am happy to offer my support.

The current maximum purchase-price limits, which restrict co-ownership buyers to the lower end of the market — apartments or small houses — are not fair. I support the review of upper limits. However, I offer some words of caution. Although the market has been rising in the past few years, we have witnessed a slowdown recently, which suggests that some houses are overvalued. I do not want people to enter into co-ownership arrangements in the hope of purchasing affordable homes and then to find that the value of their houses drops. Co-ownership must be considered to be an attractive investment, and people must get a good return on their outlay.

I urge Members to keep in mind the many hard-working people who cannot afford to purchase their homes. The Assembly can contribute and make a real difference to the housing crisis, and I hope that we can seize this opportunity to affect those peoples’ lives for the better.