Shared ownership 'the only way onto property ladder'

29-May-2007

Shared ownership schemes are fast representing the only way that first-time buyers can get onto the property ladder, it has been claimed.

The National Housing Federation (NHF) has said that lower-income potential homeowners should turn to such shared ownership initiatives instead of hoping for a price fall that is unlikely to materialise.

In the 12 months up to March 2007, housing associations provided 25,000 shared ownership or equity homes, an increase of 9,000 on the previous year's figure, leading the (NHF) to call for more funding from the government for joint ownership projects.

"Shared equity deals or part-buy, part rent schemes are the only possible way most low to moderate earners are going to get on to the property ladder. At the moment this type of ownership may be a niche market, but in the future it could well become the norm," advised NHF assistant director Helen Williams, speaking at the Affordable Home Ownership Providers conference.

New guidelines for shared ownership schemes are set to be published early next year following a period of consultation.

To find out more about buying a property with friends, family or to find a co-buyer, go to our joint ownership/equity section.

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