REPORT REVEALS THAT SHARED OWNERSHIP IS ONE OF THE BEST WAYS OF GETTING ONTO THE HOUSING LADDER
- 24 Jan
A report published by the Chartered Institute of Housing and Orbit reveals shared ownership is now one of the best-known ways of getting onto the housing ladder, according to 24housing.
The report, Shared Ownership 2.1, shows the following:
- The progress of shared ownership, which offers potential buyers the chance to purchase part of their home and pay rent on the remaining share
- The tenure is affordable across most of the UK
- It is significantly over-subscribed and that the sector has the capacity to build many more homes
- 34% of the 2,200 adults polled by Ipsos MORI said they knew about shared ownership
- 32% who knew about right to buy and 28% knew about the Help to Buy equity loan
- 18% of people had never heard of the tenure
- The government has been urged to invest in building more homes for the tenure
- Since then, 4.1 billion of funding has been earmarked to build 135,000 new shared ownership homes and the eligibility criteria have been relaxed
- More than 100,000 shared ownership homes have been built since 2001, 54,000 of these being managed by housing associations
- In 2016, there were 85,000 applications for 8,000 homes made available
- The average income of someone who is in a shared ownership home is £33,558 and is 33 years old
The deputy chief executive of the Chartered Institute of Housing, Gavin Smart, said:
"What this report shows is that shared ownership is now a popular and affordable route for many people in the UK to get a home.
"As house prices continue to rise, shared ownership is an option for the growing group of people for whom ownership is increasingly out of reach, but who don't have the level of need to qualify for social housing.
"It is pleasing to see more government funding being diverted towards shared ownership as this report makes it clear we need many more homes to cater for growing demand."
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