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Shared Ownership Week 2017: 21st - 27th September

Wednesday 20th September 2017

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More than half of potential home buyers could be missing out on their opportunity to get on, or move up the property ladder, according to new research by Shared Ownership Week. Lifting the lid on this potential home ownership lifeline for thousands more budding property buyers, the Shared Ownership Week campaign returns for its fifth year, on 21st – 27th September 2017. Ensuring buyers take note of the scheme, designer Wayne Hemingway MBE is backing the campaign, voicing his support for a sector that has “demonstrated considerable progress in bridging the affordability and home ownership gap.”

Shared Ownership Week 2017 aims to help homebuyers understand how they could be eligible to secure a property with this pioneering scheme, which was first introduced in the 1980s. Brand new research commissioned by the team behind Shared Ownership Week has revealed 54% of 21 to 30-year-olds have never heard of Shared Ownership. The campaign aims to change this, and educate aspiring home buyers about how the scheme can help them on to or up the property ladder.

This year, the week is supported by Wayne Hemingway MBE, who through his previous roles as Chair of Building For Life, a member of the Trustee Board of Commission for Architecture and the Built Environment (CABE) and HemingwayDesign’s various housing projects, understands the importance of good quality, affordable housing.

Wayne comments: “I am delighted to be involved in Shared Ownership Week 2017, raising awareness of the important work of Housing Shared Ownership Week Wayne Hemmingway Associations, helping people attain home ownership. Shared Ownership Week has come a long way over the last five years; it now not only champions affordability, but also the sheer variety of homes and vibrant communities they help create, in a wide range of locations.”

The awareness week is backed by many of the major housing associations including Guinness, The L&Q Group, Notting Hill Sales, Newlon, Southern, Hyde New Homes, Thames Valley Housing, Peabody, Clarion, Moat, Metropolitan and Network. Each will be showcasing their new build Shared Ownership developments throughout the week, sharing their expertise with potential buyers, and providing information on how the scheme works and where it is available. 

Also supporting the week is Housing and Planning Minister, Alok Sharma.

Alok comments: “This Government is determined to make housing more affordable, increase supply and help more people get onto the housing ladder. Shared Ownership plays a key part in this, helping young aspiring homebuyers to achieve their dream of home ownership.

“We’ve already helped hundreds of thousands of people become homeowners through government-backed schemes and want even more people to benefit in the future. That’s why Shared Ownership Week is such an important event, spreading the word about the fantastic opportunities and support available, particularly for first time buyers.”

The dedicated website www.sharedownershipweek.co.uk contains a wealth of information for prospective buyers too, including case studies, videos and links to Shared Ownership homes currently available.  

Shared Ownership has been available since the 1980s, but has been restricted with local councils dictating who should be a priority based on a wide of range of factors from salary to profession to where the buyer comes from.

Following a relaxation to the eligibility criteria last year, the scheme is open to people of any occupation, and ensures second steppers, those who have owned before, are given equal priority with first time buyers. Furthermore, there is no longer a cap on the number of bedrooms an applicant can request, providing they earn less than £80,000 a year, or £90,000 in London.

Shared Ownership enables buyers to purchase a share in a brand-new home that they can afford – usually a minimum of 25% of its market value – with as little as a 5% deposit. The buyers pay a subsidised rent on the remaining share of the property, usually resulting in lower monthly costs than renting on the open market, and can buy further shares at any time, known as ‘staircasing’, right up to 100% and outright ownership.

For more information on Shared Ownership Week, visit www.sharedownershipweek.co.uk or follow @SOWeekLive on Twitter for the latest news.

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