Makeover for shared ownership properties

25-Oct-2005

Shared ownership properties across the UK are heading for a makeover in an attempt to increase interest in the scheme.

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The project aims to change the traditional view of shared ownership homes as unattractive or undesirable, updating houses and providing greater options for aspiring homeowners who cannot afford to buy a property alone.

Many first time buyers choose to finance their purchase through joint or shared ownership initiatives, as it eases the financial burden and enables those without regular income to get on the property ladder.

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A number of local councils are helping by improving the location of available properties, ensuring that new housing developments contain affordable homes and space for shared ownership schemes.

London has already re-designed its affordable home market, upgrading the sites from council flats to architect-approved properties, while Worcestershire authorities have recently transformed an old waterworks to provide a new and stylish site.

Analysts believe that the move to integrate and update shared ownership properties will increase interest in the process and go some way to solving the affordable homes problem.

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