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With property prices continuing to rise, Shared Ownership is increasingly becoming a preferred option for first time buyers, according to this latest report by JLL.
JLL, an investment management company who specialise in property services, have recently released a report looking at the difference Shared Ownership has made to the modern property market.
JLL analysed new data provided by the National Housing Group – an independent Housing Association body – which showcased the ever-growing ambitions of the UK’s largest registered housing providers who aim to deliver more Shared Ownership homes in the next five years, than have been built in the entire 30 year history of the scheme. Its 80 members have estimated a combined total of 39,000 units a year.
The English Housing Survey shows that the average age of a first time buyer is now 33, with a household income of £43,000. Tackling this head on, data from the National Housing Group highlights that Shared Ownership is helping buyers to purchase their own homes by the age of just 25, with an average household income of £27,000.
Daisy Musto was just 23 when she bought a 35% share in her home at L&Q development, Beaulieu in Chelmsford. She commented: “It was important to me to own my own home as I wanted to become independent… I decided to choose Shared Ownership as I am doing it by myself so it was the easiest and best way for me to get on the property ladder at my age.”
As highlighted in the report, Lucy Chitty, Regional Sales Director at L&Q, commented: “Demand for Shared Ownership has increased dramatically. We recognise the need to provide more homes in this tenure, and are dedicated to increasing our pipeline. The majority of our buyers are young professionals and couples, but we also have families purchasing our larger homes. Most use Shared Ownership as their first rung on the ladder, ultimately going on to purchase an outright sale property.”
In a time where people are being increasingly priced out of the property market, Shared Ownership offers an alternative, and often more affordable, route to home ownership. A buyer’s ability to part buy and part rent their property, gives them the security of owning their own home without the typical costs that comes hand in hand with buying on the open market.
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The full report by JLL is also available for download.