In common with many other countries, the UK has treated owner occupation favourably in comparison with other tenures in terms of tax and subsidy. However, the UK is distinctive in having encouraged the large-scale transfer of dwellings from the public rented sector to home ownership and in having developed a variety of low cost home ownership (LCHO) mechanisms to assist people at the margins into owner occupation. This paper evaluates these LCHO initiatives, considering value for money, sustainability and potential demand. Looking to the future, we see government policy and the level of demand as the most important determinants of the role of LCHO and discuss influences on demand and pointers to government policy.