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Two-thirds of prospective first-time buyers don’t know what shared ownership is

A recent report by The Mortgage Lender suggests that only 35% of first-time buyers really know what shared ownership is.

shared ownership

Caroline Murray

This could mean that 65% of first-time buyers are missing out on a more affordable way to buy a house and their route to getting a foot on the property ladder.

Two-thirds of the prospective first-time buyers questioned in the survey either didn’t know what shared ownership is, or could not define it correctly. They thought that shared ownership meant:

  • owning a property with family – 17%
  • sharing responsibility with a landlord – 14%
  • owning a home with a stranger – 8%
  • owning a home with a friend – 7%
  • owning a few rooms in a house – 5%
  • no idea at all – 14%

Caroline Murray, partner and head of Graysons’ property team says:

“We all know the obstacles that make it a difficult time to buy a home at present – not just for first-time buyers. High interest rates, property prices and deposits are proving challenging at present – and almost insurmountable for first-time buyers. Shared ownership could be the answer.  This is where you buy a share of a home and pay rent to a landlord (usually a housing association) for the share it owns. You can then buy more shares in the home in the future.  It is a good way to get a foot on the property ladder.”

You can read all about the shared ownership scheme on our website, where you can find out if you are eligible and how the scheme works.

Author: Caroline Murray, partner and head of Graysons’ property team.

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