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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.

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"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.

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"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."

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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