Shared ownership schemes ‘preferable’ to open market
More than a third of people who want to buy a new home hope to enter the intermediate market as shared owners because it is their only option for getting onto the property ladder.
A survey of people attending the New Home Buyers Show earlier this month also revealed that 92 per cent of respondents wanted to buy
an affordable home as opposed to entering the mainstream housing market.
Research from the event - organised by Housing Options and jointly delivered by London homebuy Agents London & Quadrant and Metropolitan Home Ownership - also revealed that 53 per cent of would-be buyers had no concerns about buying an intermediate property.
Graeme Moran, managing director of Metropolitan Home Ownership, said: ‘We have been seeing an increase in people interested in intermediate housing such as the homebuy scheme and the traditional mortgage debt model is being called into question.’
He added: ‘The reason for so much interest in schemes like homebuy is because many cannot afford the traditional 10 to 15 per cent deposit required.’
Marilyn DiCara, director of sales, marketing and new business at Moat, said the research mirrored its own findings.
‘The increase in popularity of schemes like homebuy is largely thanks to the agents who have done a lot to promote the product,’ she added
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