Campaign promoting shared ownership next month

A national campaign promoting shared ownership is to take place next month.

Shared Ownership Week will provide information for first-time buyers on how the scheme can help them part-buy, and in time even buy outright, a new home which they may not otherwise be able to afford.

According to an international survey by the ING banking company, almost nine in ten people believe that it is becoming harder for UK first-time buyers to get on to the property ladder, and for many shared ownership is the only chance of realising their dream of owning, or at least part-owning, their own home.

Many of the major housing associations will be taking part in the week, which runs from October 5 to 11, including Guinness, L&Q, Notting Hill, East Thames, Newlon, Southern, Viridian, Hyde and Circle.

The housing associations will be showing off new developments, sharing knowledge with potential buyers and providing information on the scheme.

L&Q’s Olivia Scrimshaw said: “The gap continues to rise between house prices and salaries so it is no wonder that first-time buyers need all the help they can find when trying to get a foothold on the property ladder.

“For many buyers, the assistance offered through affordable home ownership schemes is the only way they can become a home owner.

“However, there is still quite a lot of confusion about how shared ownership works and who is eligible, so we hope that through Shared Ownership Week we can spread the message about the benefits of the scheme and show more first-time buyers how it can help them.”

People with household incomes of more than £60,000 do not qualify for the scheme. In London that figure rises to £71,000 for a one or two-bedroom property and £85,000 for three or more bedrooms.

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