Shared Ownership Week has kicked off and we’re thrilled to be part of this year’s fantastic campaign designed to raise awareness and bust a few myths and misconceptions surrounding the government-backed scheme.
So, why is this campaign important and why does Shared Ownership need a whole week? Firstly, let’s look at the definition of Shared Ownership.
Under the Shared Ownership scheme you can buy a 25-75% share of the full market value of a home. You pay a subsidised rent to your housing provider along with a service charge for common parts of the building. However, when you put these costs together, it’s still less per month to own and you only need a deposit on the share that you’re buying.
Now let’s bust a few myths!
A common misunderstanding about Shared Ownership is that you will have to share the property with someone else. We can assure you this is not the case. The ‘share’ part of Shared Ownership only refers to the percentage share of the home you now own.
Another myth is that Shared Ownership is only an option for home buyers who’ve reached a particular life-stage or point in their career. Historically this has represented a fairly limited period of time, a few years at best. In reality Shared Ownership is one of just a few ways to buy a home more affordably for most people across much of the country given the gap between average incomes and average house prices.
So why does Shared Ownership need a whole week?
As well as combating common misconceptions about Shared Ownership, we need time to build momentum and make a lasting impact on the property market. Shared Ownership may have been around since the late 1970’s but even in areas where it’s relatively well established, it may only comprise around 2% of local housing stock. So it’s time to get the word out.
During the week we’ll be showing buyers what’s on offer at events such as the London Home Show and giving advice on how to realise their home ownership dreams. After all, home ownership #StartsWithUs.
We’re proud to be involved with #SOWeek2018 and think it’s definitely something to shout about for a week or more.