In the latest issue of Property Week, Currell Group CEO Anne Currell, discusses the shared home ownership tenure and the need for it to become more widely understood. The part-buy part-rent scheme has soared in popularity in recent years, as affordability in the capital has become an even greater issue for first time buyers and young professionals.
“This includes professionals in the private sector who, despite earning good salaries (up to £90,000 per household), are still struggling with affordability, and lack the funds needed for a hefty deposit – reflective of the housing crisis across the capital. Shared ownership is now no longer seen as a ‘second-best’ option but indeed the only route to market for many young professionals” says Anne.
Historically, housing associations have preferred to do the sales of shared ownership properties themselves, however this is changing and many housing associations are now turning to agents to help them sell developments and the scheme itself.
Anne says, “To effectively sell shared ownership homes, agents need to be fully aware of the intricacies of the scheme in terms of financial assessments, the rental element, homeowners’ responsibilities, resales and staircasing – whereby purchasers gradually increase their stake in the property, eventually owning it outright.Shared ownership buyers also tend to need more guidance and hand-holding than first-time buyers who purchase on the open market.”
Anne concludes noting that, “It is highly encouraging to see shared ownership take off, but it is imperative that we increase the understanding of the product across the board – from agent to homeowner.”
To read the full Property Week article click here
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