Demand for Shared Ownership in Cornwall on the rise
Shared Ownership offers hope for first time buyers in the South West
Highlighted by our data at Share to Buy, the country’s leading first time buyer property portal, demand for Shared Ownership properties in Cornwall has increased four-fold in 2023.
Our website, which specialises in Shared Ownership listings, has reported a 449% increase in new registrants across Cornwall compared to this time last year, with 90% of those registered already living in the county, and 10% looking to relocate to the sought-after area.
Showcasing the shortage of affordable homeownership options across the area, a significant 29% of applicants are currently living with family or friends. Providing homes for growing families, 43% of those registered on Share to Buy in Cornwall have dependents living with them. Almost 60% of registrants are under 35, and the most common income bracket of prospective Shared Ownership buyers across Cornwall is £25,000 – £30,000 per annum.
Shared Ownership is a government-backed scheme that allows eligible purchasers to buy a percentage share of a property, renting the share they don’t own at a subsidised rate. Buyers can increase the share they own, ultimately owning the property outright in most cases, through a process known as ‘staircasing’.
Attractive qualities of the scheme include the lower deposit level required – with buyers often only needing a 10% deposit of the share they are purchasing, instead of the entire value of the property. 45% of Share to Buy’s Cornwall registrants have a deposit level of £5,000 – £15,000 – considerably lower than the £33,000 average deposit needed to purchase a home on the open market in the South West.*
Jade Turnstill, Brand, Marketing & Communications Manager, at Share to Buy, comments: “It’s no surprise that demand is on the up for Shared Ownership across Cornwall. The end of Help to Buy in March 2023 has led to increased demand for part-buy part-rent homes across the country – and particularly in more rural areas such as Cornwall, where affordable homeownership options are often more limited than in some of the larger cities. At Share to Buy, we are passionate about helping first time buyers get their first rung on the property ladder, and are looking forward to working with more housing providers in the area as they continue to build much-needed homes available through Shared Ownership.”
The selection of homes available across Cornwall on Share to Buy is growing. Major providers of Shared Ownership developments include Coastline Housing, Aster Group, LiveWest, Westward and Places for People.
Share to Buy is a one stop shop for affordable homes. On our website, you can search for properties, compare mortgages and find out all you need to know about alternative home-buying schemes such as Shared Ownership via our article index.