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Shared ownership could provide solution for many with house building shortfall

Shared ownership could provide a solution for many as the National Housing Federation reveals that just 118,760 homes were built in England in 2014, more than a 120,000 shortfall on the 245,000 experts predict is needed every year.

The National Housing Federation says that "the lack of supply is pricing many people out of owning or privately renting a home in their local area. Experts now warn that 78,500 new affordable homes need to be built per year yet just 25,100 affordable homes were built in 2014, less than a third of what families desperately need. The last ten years saw the birth of seven million babies, more than were born in the 1950s when England was building an average of 230,000 homes a year.

"Failure to build enough homes is already pushing prices up out of reach; the average first-time buyer today needs a deposit of £30,000 in today's money, almost ten times the amount required in the early 1980s."

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Alan Bradley of Bromford Homes said: "We're looking to build around 1,800 homes over the next three years and this year will complete over 500 properties - 142 of those are shared ownership which offers a route into housing for those with a limited budget."

He continued: "Many people aren't even aware of shared ownership and think that if they don't have savings or borrowing power, their only option is to rent. What many are delighted to discover - once they have stumbled across shared ownership - is that it can, in fact, be cheaper than renting and will provide them with a home they own."

Shared ownership offers the chance to buy a share in a brand new leasehold property on a part buy/part rent basis and pay a subsidised rent on the part not owned. People can purchase between 25 and 75 per cent of a new home and then buy more as and when they can afford to.

Alan concluded: "Shared ownership is an ideal option for young buyers or for people who might be coming out of family breakdowns, for example, a single parent with children."

Bromford offers shared ownership properties across the West Midlands, Gloucestershire, Northamptonshire, Warwickshire and Buckinghamshire. 

For more information on shared ownership, call 0845 6010 878.

Case study

Homebuyer dream comes true for mum Anna

Anna keys thumbHome ownership seemed like an impossible dream for mum Anna Malarska − until she found out about shared ownership. The low deposit and affordable monthly costs unlocked the door to a two-bed home that she and her seven-year-old son William can call their own.

It's now almost a year since they moved in and started an exciting new chapter in their lives − closer to friends and Anna's work as a finance administrator.

Shared ownership made "an amazing difference" according to 28-year-old Anna and she urges other would-be homebuyers on lower incomes to find out how it can change their lives too. "Would I recommend it? Definitely! Shared ownership is the perfect solution for first-time buyers like me who can't afford a big deposit or a big mortgage but want to get on the property ladder and invest in their future."

Read more of our Shared Ownership case studies.

27 February 2015