What is going wrong with Shared Ownership?

What is going wrong with Shared Ownership?

New research from My Home Move has found that despite numerous pledges from the Government to increase access to housing for Britain’s aspiring home buyers, shared ownership transactions across England and Wales have decreased throughout the majority of regions.

Having analysed nearly 50,000 mover transactions over the past year (2016 – 2017) My Home Move discovered that shared ownership activity has decreased across 7 out of 9 regions - including London, the Home Counties, North East, South East, Wales, West Midlands and Yorkshire – leaving the UK’s leading provider of mover conveyancing services to question whether more needs to be done to increase the popularity of shared ownership among home buyers, as it currently accounts for less than 1% of housing stock across England and Wales.

Doug Crawford, CEO of My Home Move, had this to say: “Last February the Government pledged to fix Britain’s broken housing market, and yet one of the schemes designed to encourage home ownership is falling in popularity. Our research highlights just how small transactional volumes for shared ownership are, raising questions as to whether the scheme needs to change its image to attract new home buyers.


It’s our belief that home buyers, despite the lack of housing stack, are turned off by phrases like ‘affordable housing’, which is often used to describe ‘shared ownership’. Yes, they want to be able to afford their home, but they want to buy a dream. The idea of buying a home that has been built to fulfil a quota, or is being sold through a housing association and so has the negative connotations of social housing attached to it, is just too much for some. Perhaps we need to ‘rebrand’ the image of shared ownership, to bring it in line with initiatives like the Government’s Help to Buy, to make it more attractive to first time-buyers.”
 
In a survey of aspiring first-time buyers, only 11% said they were looking to buy a shared ownership home, while nearly 80% were looking to purchase a home outright. However most tellingly, nearly 30% admitted to not understanding what shared ownership is.

Doug concluded: “With these findings in mind, we think there is a missed opportunity for those involved in shared ownership schemes, to educate aspiring first-time buyers better.  Shared ownership can offer those trapped as ‘generation renters’ a real possibility of getting onto the property ladder, but it’s all a question of selling them the dream and maybe it’s time to find out what would make aspiring first-time buyers change their mind.”

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Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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