Shared Ownership more popular than ever according to Nottinghamshire housing association

More people than ever have bought a home using Shared Ownership according to the latest figures from Nottinghamshire housing association Platform Home Ownership.
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In the last quarter (Dec 23 to Feb 24). Platform has sold 192 brand new homes to local families, which is a 152% increase on last year, owing to the increased popularity and viability of Shared Ownership as a route onto the property ladder.

Across February alone, there were 86 reservations on properties across its operating regions, which is the highest volume recorded for a month’s period, with enquiries at an all-time high.

Shared Ownership allows home seekers to purchase a share of their home and pay rent on the remaining amount, typically buying between 10% and 75% of the property’s full market value depending on the model purchased with.

Street scene at a recently sold out Platform Home Ownership developmentStreet scene at a recently sold out Platform Home Ownership development
Street scene at a recently sold out Platform Home Ownership development

This lowers the amount needed for a deposit, with most deposits on Shared Ownership schemes between 5% and 10% of the share and not the full amount.

Through the process of staircasing, those using Shared Ownership can gradually increase the amount of their home that they own.

Nicola Clarke, head of sales at Platform, said: “Buyer demand for Shared Ownership remains high with enquiry levels continuing to peak, showing there is confidence in the market and a significant ongoing need for affordable housing.

“We have a very hard working and dedicated sales team committed to helping our customers by walking them through the process of Shared Ownership and providing excellent customer service throughout the buying journey.”

More people than ever have bought a home using Shared Ownership according to the latest figuresMore people than ever have bought a home using Shared Ownership according to the latest figures
More people than ever have bought a home using Shared Ownership according to the latest figures

In the last decade, housing associations have built and sold 103,000 homes through Shared Ownership, with the affordable scheme providing a variety of home seekers the opportunity to purchase their own home where they may not have previously been able to pay the mortgage or secure the deposit.

Shared Ownership is not only available to first-time buyers, with a wide-ranging criteria underlining the breadth of property hunters who qualify for the scheme.

The alterations to the Shared Ownership model in 2021 have facilitated viability for further home seekers, with the introduction of gradual 1% staircasing and a change to the minimum share value when embarking on the home ownership journey.

Katie Kirk, who recently purchased a three-bedroom home through Shared Ownership with Platform, said: “It was the only way I was ever going to achieve my dream of homeownership, and the house and location being so great has given me the perfect combination.

“If you are thinking about Shared Ownership, 100% look into it, particularly if you are struggling to get onto the property ladder by other means.”

Sabina Cox, marketing manager at Platform, said: “Interest is in no short supply at the moment, and we are seeing huge volumes of enquiries across all of our operating regions.

“This demonstrates that Shared Ownership is fast becoming a first choice for getting on the ladder and that buyer confidence is returning.”

For further details on Platform and Shared Ownership please visit www.platformhomeownership.com, or call the team on 0345 450 3995

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