A study into the effectiveness of shared ownership schemes, which help first-time buyers get a foot on the property ladder, has found that mobility out of the sector is not as good as hoped.
The report, which was written by researchers at the University of Cambridge for Thames Valley Housing, says that shared ownership remains a popular – and potentially beneficial – way of enabling first-time buyers to find secure and affordable housing in a difficult market.
But it also found that the system is not functioning as well as it might. Resales of shares in properties and “staircasing” – the practice of gradually buying more shares with a view to attaining full ownership – are both limited by structural and systemic problems which housing associations and policy-makers should address, the report says.
Thames Valley Housing has welcomed the findings as a positive step towards making shared ownership a more attractive and satisfying approach for people trying to break into the housing market.
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Image: New houses pile up at Fontagarry. Researchers found that shared ownership remains an attractive way for first-time buyers to get a foot on the property ladder, but resales and purchasing rates towards full ownership have not been as common as anticipated.
Credit: Captain Gorgeous from Flickr.
Reproduced courtesy of the University of Cambridge
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A problem shared
21 June 2012
A new study has highlighted untapped potential within the shared ownership schemes designed to help first-time buyers.