Rebranding Shared Ownership?

April 01, 2016

In the past year, research has found that nearly 50,000 moving transactions have taken place and the amount of shared ownership transactions has decreased mainly across seven out of nine regions. These include London, the Home Counties, North East, South East, Wales, West Midlands and Yorkshire.

This has made conveyancing firms question whether more needs to be done to increase the popularity of shared ownership among homebuyers. Research has found that it is currently below 1% of housing availability across the UK.
If the government looked to maybe ‘rebrand’ shared ownership and introduce initiatives such as Help to Buy Scheme, first time-buyers are more likely to be drawn in to purchasing a shared ownership property.
It is believed that first time-buyers, despite the lack of housing, are turned off by phrases like ‘affordable housing’ which is another way of referring to ‘shared ownership’. A recent survey revealed that only 11% of 1,000 people agreed that they would purchase a property through the shared ownership route. Nearly 80% of people preferred to buy a property outright bearing in mind, 30% of those asked did not understand what shared ownership really is.
Most buyers that currently rent do not realise that shared ownership is an easier and more ‘affordable’ way to get onto the property ladder.
Maybe more research should be carried out to find out what is likely to persuade first time-buyers to go down the shared ownership path to purchasing their dream home rather than being trapped continuously renting!

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