In Text with JD: Helping brokers breathe and buyers step on the ladder

While the scheme may have its detractors, there is no question that shared ownership plays a critical and ever-growing role in today’s housing market. With increasing pressure on affordability and a necessity for low-deposit options in the current climate, demand for shared ownership has only continued to grow. 

In response, we have seen several key developments in recent years to help improve access, increase delivery and drive standards. 

As a result, shared ownership accounted for 53% of all social housing completions in 2023/24 and 1% of all housing stock. Given the clear need, that market share is only set to increase. In my recent conversation with Pepper Money’s Paul Adams, he said the scheme is no longer a marginal product. 

We absolutely agree – shared ownership continues to drive enquiries and ultimately transactions through our specialist new-build division at Just Mortgages. 

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Advocating for shared ownership 

There’s undoubtedly still work to do, though, to help raise the profile of the scheme and highlight the opportunities it can present to those looking to fulfil aspirations of homeownership. Alongside education and awareness, Adams rightly pointed out that it requires a concerted effort from the industry to champion shared ownership and help remove the misconceptions and barriers that still exist.

As big advocates of the scheme, we fully support Pepper Money’s recent white paper. It raises some really important points to further increase access to shared ownership, and in turn to the housing market – most notably increasing the income threshold, which hasn’t kept up with the times or, indeed, inflation. Just as important is the call for policy change to encourage providers to embrace applications from specialist lenders.

The white paper recognises the times we live in and that for many, life isn’t always linear. Increasingly, there are bumps in the road and blips that are situational, rather than always credit-related. In addition, you have a growing segment of the market that is self-employed or with a less conventional income pattern. 

As Adams explained, it is in these moments that specialist lenders have provided a valuable solution – supporting those just off the high street. 

In my view, it’s absolutely clear we need to join the dots between responsible and pragmatic specialist lending and shared ownership. Ultimately, both have the same ambition and end goal of helping people get on the housing ladder. As more borrowers rely on a specialist lender, this move would be the logical next step in the continued success of shared ownership and will enable the scheme to support the government’s goal to increase homeownership and its wider ambition to boost social mobility. 

Coping with industry changes 

Shared ownership continues to offer a critical pathway for buyers in a market and climate that is moving faster than ever.

Against the backdrop of recent years, mortgage brokers find themselves navigating a market that is increasingly less vanilla, ever-changing and far more demanding. With such a rapid pace of change and a commitment to put clients first, it’s no surprise that many brokers are finding it hard to balance and protect their mental health and wellbeing. 

Speaking with Adams, it is positive to hear how Pepper Money’s Be More You initiative is actively encouraging brokers to look after themselves and speak openly about burnout, workload and stress. It’s also providing practical support that one broker said saved his life. It is a passion we share at Just Mortgages with our own mental health and wellbeing support package for brokers, and something we hope to see more of across the market. 

It is admirable to see Adams sharing his own story of alcohol addiction and how finding the strength to ask for support means he is now four years sober. What a powerful message to share across the industry. 

It’s an important reminder that success is not just measured in products, schemes and policy. A stronger, more accessible mortgage market depends on its people and the wellbeing of those who make it all happen. 

Whether it’s widening access or improving broker wellbeing, empathy, opportunity and inclusivity must remain essential qualities.