Home ownership schemes 'beyond reach' of low earners
Responding to the Social Mobility Commission report report Amy Nettleton said “Schemes like Help to Buy have allowed those with larger incomes to buy a home but they’ve not assisted those who have been hit hardest by the housing crisis. We need to look to flexible options like shared ownership, which could meet the needs of a broader number of people.
“The report highlights some of the scheme’s positives in lowering the barrier to entry – effectively reducing deposits – for low-income families. In addition, its flexibility also makes it a great option to help those with higher incomes living in high-demand areas. Building equity over time is better than being forced to wait in the rented sector while prices increase and saving becomes even harder.
“If the Government and industry made a commitment to proactively building the market for shared ownership it would also offset some of its current drawbacks, which are a result of it being ‘niche’. Building a broader market for it would help attract more investors to increase housing associations’ delivery and also foster competition between lenders. This could ultimately put people in a better position to increase their equity by reducing monthly costs.”
Amy Nettleton, assistant development director - sales and marketing at Aster GroupShared ownership