Research by Leeds building Society has shown that there are some common myths surrounding shared ownership the actual benefits it brings to people on low incomes.
As house prices continue to rise faster annual salaries this method of buying is how people on low incomes can get an opportunity to get onto the property ladder while taking advantage of a number of schemes that are currently available even in Yorkshire.
One such myth revealed in the survey is that shared ownership homes are only found in the cheaper end of the market and in the less desirable locations around the UK something that is not the case.
Louisa Sedgwick, head of intermediary distribution for Leeds Building Society said;
“A mistaken public perception exists that shared ownership homes may be badly maintained, poor-quality properties in poor, or less desirable, areas. Again, this is far from the truth.”
“London provides an interesting example and showcases the fact many shared ownership properties offer a desirable home and community environment to live in.”
What is shared ownership?
Shared ownership schemes are provided through housing associations they allow people to purchase between 25% to 75% of the home’s value and pay rent on the remaining share.
Louisa added;
“What’s more, the availability of shared ownership properties extends far beyond London to desirable areas across the UK, including Harrogate, Chester and York.”
“Whilst shared ownership is not the sole answer to the ongoing housing crisis facing the UK. It does provide first-time buyers and those on low to mid wages with an opportunity to get their foot on the property ladder and a home they can call their own.”
“What’s more, the buying model is an integral part of the Government’s affordable housing strategy and with that in mind, it’s worth reiterating the point that some equity, large or small, in many ways is better than none.”
