L&H Homes Support Shared Ownership Week

Published by keeley for Longhurst Group in Housing and also in Communities

L&H Homes are promoting the availability of shared ownership properties as part of a national campaign. The cost of private rent has increased significantly and the sizable deposits required to secure mortgages on properties are beyond the reach of many of those earning the national average. So now growing numbers of people are asking what other options are available.

According to new research from the National Housing Federation, Shared ownership is cheaper than renting by 9%, with the average monthly private rental cost in the East midlands at £511. The research has also revealed that first time buyers in the East Midlands spend £139 less a month on their housing cost if they choose a share ownership home.

 The National Housing Federation is raising the profile of alternative housing options with their first ever Shared Ownership Week. The awareness week, which is taking place this week (18^th – 24^th March), is designed to encourage people to consider shared housing as a valid choice in today’s housing market and dispel the myths that surround it.

National Housing Federation research shows that at a time when mortgage availability for first time buyers has been falling for 5 years, shared ownership has helped 200, 000 households into home ownership. Shared ownership presents a more flexible way to buy as initial shares lie between 25% and 75%. Shared Ownership schemes also include the opportunity to “staircase” meaning that customers can purchase larger shares in the property, in many cases up to 100% outright ownership. 

“Customer choice lies at the heart of what we do; we know that not everyone who aspires to homeownership has the same requirements. Shared ownership is a fantastic stepping stone into the housing market but is an equally attractive long term option for those who want their shared ownership property to be a home for life.” Sharon Leivers, Director of Leasehold and Sales for L&H Homes.

Shared ownership is not necessarily a scheme exclusively for first time buyers. “The back ground of our shared owners varies from customer to customer. The flexibility of the scheme means that previous owner occupiers also have the option to get back on to the housing ladder” added Sharon.

Hayley, one of L&H Homes tenants, is currently taking the opportunity to become an owner occupier again: “I’ve wanted to move for years now but have never managed to secure a transfer so I had to explore other options.  I couldn’t see how I would make it onto the property ladder as I didn’t think I’d be eligible for a mortgage but it took less than 24 hours for my application to be approved in principle. Now I know I am going to be a home owner again, although it’s scary, it gives me a great sense of pride. I would definitely recommend shared ownership as an option for others as the whole process has been straightforward and L&H Homes have been brilliant”

For more information on shared ownership and the L&H Homes properties available contact the sales team on 0845 601 90 95 or email sales@longhurst-group.org.uk.