Rapidly increasing house prices, static wage growth and climbing rents are making it incredibly difficult for a young buyer to save for a deposit - especially as the average house price now stands at £218,000.
“Shared ownership is a viable third way. It’s an ideal route onto the housing ladder when prices are high and deposits unattainable for many - home owners purchase a share with a lower deposit and scale up equity over time. We’ve pledged to support it as a tenure, and the industry is now primed to increase its share within new developments - especially since more lenders are entering the shared ownership mortgage market.
“What’s needed now is a commitment from the government to support the marketing of shared ownership to young people, similar to its backing of Help to Buy. There needs to be a paradigm shift in how this is viewed – not just as an affordable tenure, but one that solves problems for a massive cross-section of society.
By Amy Nettleton, assistant development director - sales and marketing at Aster Group and chair of the NHG