Shared ownership is misunderstood and underused among young people wanting to buy their own home in the UK, a poll has found.
Thomas Paris was fed up. He was living in a "horrible ground floor flat" in Bristol and paying rent to a landlord with little inclination to spruce up the one-bedroom home.
My daughter owns 40% of the flat so surely her association should charge her fees based on her share?
In his 2015 and, as it turned out, final autumn statement, then chancellor George Osborne announced the government’s intention to expand shared ownership considerably, by building 135,000 shared ownership homes by 2020.
Those numbers were ambitious. Since only 41,000 shared ownership homes were built in 2010-15, it represented more than a threefold increase.
Shared ownership could help thousands more home buyers in the UK to get onto the housing ladder but research has found that this growing lending sector is under used and misunderstood.
With house prices rising at a faster rate than most salaries and people continuing to struggle to get onto the property ladder, shared ownership is a potential solution for many, yet is often overlooked despite having been introduced 30 years ago.
The UK government is to make it easier for young couple to get in the housing ladder by expanding the right to shared ownership.
Prime Minister David Cameron said that tens of thousands of young couples will be helped by reforms to existing part buy, part rent schemes. The policy should see 175,000 more aspiring home owners being able to buy a stake in their own home.
Sky-high service charges and maintenance responsibilities frustrate many owners, who often don’t know what they have signed up for
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