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Shared Ownership week kicks off to profile-raise as alternative to renting

  • 21/09/2017
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Shared Ownership week kicks off to profile-raise as alternative to renting
Shared Ownership Week has launched to raise the profile and educate on the opportunities offered by part-rent-part-buy arrangements, as home buyers continue to struggle to get on the housing ladder or next-time buy.

Supported by London Mayor Sadiq Khan, a website listing the housing associations involved in building these homes has launched and the week will run from today until the 27 September.

Research by housebuilder Aster Group has found that half of first-time buyers were not aware of the benefits of shared ownership, “a statistic as an industry, must work on turning around,” said Craig Hall, new build manager at Legal & General Mortgage Club.

He said shared ownership needed to be viewed as a genuine alternative to renting for those who could not afford to buy a house outright. “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,” Hall said.

He added that 20 lenders offered shared ownership mortgages, a number likely to rise in the next 12 months.

“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.”


Neighbourhood Plans

Yesterday, the government announced spending targets of close to £23m to 2022 to help communities plan new homes. The funding, which will be around £5.5m a year until 2022, will provide communities with specialist support to help develop a Neighbourhood Plan.

Neighbourhood Plans will give local communities a say in where homes, shops, green spaces and offices should be built and how they should look, according to a government statement.

Since 2012, more than 2,200 groups have started the neighbourhood planning process, covering nearly 12 million people across England. Over 400 neighbourhood planning referendums have taken place, with an average ‘yes’ vote of 88%.

“With over 400 [neighbourhood plans] now in place, more people than ever are having their say on the location and design of new homes, shops and offices in their community,” said Alok Sharma, housing and planning minister.


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