Housing association unearths attitudes and barriers to shared ownership
Published by 24publishing for 24dash.com in Housing and also in Central Government, Communities, Local Government
Attitudes and barriers to shared ownership unearthed - survey
The largest barrier to accessing shared ownership is "lack of information", a survey commissioned by a housing association reveals.
London-based Catalyst Housing - in conjunction with Ipsos MORI - carried out the research, which surveyed – face-to-face – nearly 4,000 British adults, including over 500 private renters.
The survey found that over the next two years, very little or no mobility was anticipated across all survey respondents - with the percentage of respondents suggesting they would remain in their current tenure highest among those in the private rented sector.
The largest barrier to shared ownership cited in the survey was lack of information, with 21% of the 1,972 asked, believing that they do not have the information required to choose one of the schemes.
This was followed by a desire to buy without funding (12%) and the perceived difficulty of selling on a property acquired through shared ownership (11%).
Wanting to buy "unassisted", however, was far more of an issue in the North of England, the survey found, with just 10% of Londoners feeling it was "imperative" to buy without help from anyone else. This compared to around a quarter of people in Yorkshire and the Humber and over 20% in North West and North East England.
The survey found that most adults, and private renters, have "limited" or "no awareness or knowledge" of shared ownership/equity schemes. Just over a quarter of respondents had heard of shared ownership options, but didn't know anything about them, while a third said they had never heard of them.
Shared ownership options have become a way for housing associations to cross subsidise the construction of social rented homes - particularly since Government subsidy to build new homes has dried up. There are currently over 20 different lenders that support shared ownership.
Interestingly, the survey found that there is a higher percentage of awareness about shared ownership in respondents earning above £25,000.
Regionally, around 17% of Southerners felt that their income represents the "primary barrier" to shared ownership. This compares with 13% of Northerners and just 10% of people who live in the Midlands.
The study found that just under three in ten private renters (28%) say that they are either very or fairly interested in buying a home through shared ownership.
Among those interested in doing so, there is strong interest in increasing share (92%) and being able to move from buying one home through such a scheme to buying another under the same scheme (66%).