Shared Ownership is a viable alternative to renting and could play a very real role in easing the housing crisis, according to Legal & General Mortgage Club.
Craig Hall, New Build Manager, Legal & General Mortgage Club, commented “Shared Ownership Week is an important initiative by the UK’s leading housing associations to raise awareness of this vital tenure. Recent research by the housebuilder Aster Group has found that half of first-time buyers aren’t aware of the benefits of shared ownership, a statistic as an industry, we must work on turning around.
“Shared Ownership, where owners part-own, part rent their property must be seen as a real alternative to renting, for those who can’t afford to buy a house out right. If used to its full potential we believe the tenure can work towards helping ease the UK’s housing crisis and help relieve the strain on the Bank of Mum and Dad.
“One encouraging step is that 20 lenders now offer shared-ownership mortgages, expanding the reach and availability of the initiative and hopefully that number will increase in the next year. As Shared Ownership progresses, the opportunities it brings for social mobility and flexibility in an increasingly rigid and exclusive housing market are endless. For the tenure to grow further and build momentum we need collaboration across the entire industry, including further Government support and innovative ideas to help revolutionise the New Build market.”