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shared ownership just 3 to 5 per cent of shared owners are able to move on to another
geoffky
Posts: 6,835 Forumite
http://www.insidehousing.co.uk/story.aspx?storycode=6501770
Shared ownership is failing to act as a stepping stone to full home ownership, leaving many people in worse positions than if they lived in other types of housing, researchers have found.
A Joseph Rowntree Foundation investigation shows that only a very small proportion of residents are actually able to move into full
ownership.
While some shared owners are able to move on due to improvements in their finances, many are unable to afford the greater cost of a full ownership mortgage, the study found.
Shared owners’ typical starting investment has declined from 50 per cent to 40 per cent, with 25 per cent shares now more common.
And evidence suggests that just 3 to 5 per cent of shared owners are able to move on to another property.
Report author Alison Wallace said: ‘There is confusion over whether shared ownership provides affordable market housing or is another form of social housing.
‘Clarification is needed on the social policy aims to focus on the role of providers in supporting or controlling the ability of shared owners to move on to their next property.’
Karen Doran, senior policy advisor for the Council of Mortgage Lenders, said: ‘Local authorities should be able to decide on whether to have limits on staircasing, based on evidence of housing need.
‘Some want to keep the homes affordable in perpetuity.’
Lucy Thornycroft, policy officer for the National Housing Federation, said: ‘Mobility has been a problem in the general open housing market over the last ten years, because prices have gone up so much. So the lack of mobility of shared owners is not necessarily a reflection on the shared ownership scheme.’
https://www.jrf.org.uk
Shared ownership is failing to act as a stepping stone to full home ownership, leaving many people in worse positions than if they lived in other types of housing, researchers have found.
A Joseph Rowntree Foundation investigation shows that only a very small proportion of residents are actually able to move into full
ownership.
While some shared owners are able to move on due to improvements in their finances, many are unable to afford the greater cost of a full ownership mortgage, the study found.
Shared owners’ typical starting investment has declined from 50 per cent to 40 per cent, with 25 per cent shares now more common.
And evidence suggests that just 3 to 5 per cent of shared owners are able to move on to another property.
Report author Alison Wallace said: ‘There is confusion over whether shared ownership provides affordable market housing or is another form of social housing.
‘Clarification is needed on the social policy aims to focus on the role of providers in supporting or controlling the ability of shared owners to move on to their next property.’
Karen Doran, senior policy advisor for the Council of Mortgage Lenders, said: ‘Local authorities should be able to decide on whether to have limits on staircasing, based on evidence of housing need.
‘Some want to keep the homes affordable in perpetuity.’
Lucy Thornycroft, policy officer for the National Housing Federation, said: ‘Mobility has been a problem in the general open housing market over the last ten years, because prices have gone up so much. So the lack of mobility of shared owners is not necessarily a reflection on the shared ownership scheme.’
https://www.jrf.org.uk
It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
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Comments
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Excellent report Geoff - a good find.
Makes me even more grateful to have flogged off my SO and moved out, maybe I was one of the lucky ones :eek:
Thoughts are with those who cant sell, not being funny but I look around the area that I sold my SO in, and I see other SOs on the market. A 3 bed house- the full price is 320, whereas other similar prolperties are below 250 now. Go figure.:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0
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