Unlocking buyer's dream for revolving door renters
SHARED ownership is the "affordable key that can unlock the
dream of home ownership" for many private renters stuck in what
they fear will be a lifelong cycle of short-term lets.
Their plight is highlighted in a new National Housing Federation
report revealing that people who rent from private landlords are
NINE times more likely to have moved in the past year than
homeowners.
One in four private renters told the NHF they feel unable to put
down roots or plan for the future because they might have to move
again and the figure is even higher − rising to nearly a third
of those polled − for renters with children.
The NHF research − and call for more affordable home
building − prompts a message of hope for at least some of
these would-be homebuyers from Bromford Homes Head of Sales Alan
Bradley.

"That hope comes in the form of shared
ownership − you could call it the affordable key that can
unlock the dream of home ownership for working people who feel
trapped in this revolving door of short-term private lets," says
Alan.
"The NHF findings very much reflect what our shared ownership buyers
say to us. Seven out of ten private renters tell the NHF they would
prefer to own their own home and yet they feel they have no choice
but to move from one short-term let to another, unable to save
enough for a buyer's deposit because their wages are eaten up by
high rent.
"Shared ownership's low deposits and affordable monthly payments
can break this cycle − and give would-be homebuyers the
greater sense of security they dream of. Security that means you
don't have to worry about when your next move will be and if it
means uprooting your children from their friends and schools.

"Many of our Generation Rent buyers tell us that this was a key
factor behind saying yes to shared ownership. The part-buy,
part-rent formula allows people with a total household income of up
to £60,000 to get on the property ladder at a price they can
afford.
"It's not the solution for everyone, of course, and we
wholeheartedly support the NHF call for a major increase in the
amount of house building so that young working families can get the
stable housing they need at a price they can genuinely
afford.
"In the meantime, shared ownership is already making the
difference for hundreds of homebuyers priced out of the open market
by a mixture of rising property values and stagnant wages. We've
got around 20 active development across central England like our
successful Oaklands site in Rugby (pictured below)
and plan a significant increase in the number of homes we can sell
in the coming year."

To find out more about shared ownership and how it works, we've
captured one couple's story on video. Our expert
advisors are ready to answer your questions on 0845 60 10
878 and you can visit our demo home at Oaklands five days
a week from 10.30am to 4.30pm. Homebuyers can also get regular
updates by following us on Twitter and Facebook.
The NHF findings are explained in their press release.
09 January 2015