According to new YouGov data commissioned by Leeds BS, despite being the most likely to benefit from the scheme, 18-24 year olds are the least aware of Shared Ownership as a method of affording a home.
The research found that three-quarters of people in the UK have heard of Shared Ownership, however among 18-24 year olds awareness is as low as 40%.
Shared Ownership is the opportunity to purchase a share of a property and pay rent on the rest. It does not mean you share the ownership of a property with another person. Buying a house with friends, a spouse, or a partner is known as joint ownership.
Once made aware of the correct definition of Shared Ownership, 24% of 18-24s said they would be ‘very likely’ or ‘fairly likely’ to use the initiative in the future – the highest among the age groups surveyed.
Part of the government’s affordable home ownership scheme, Shared Ownership has been available since the 1970s. You get a shared ownership home through a housing association. You buy a share of your home (between 25% and 75%) and pay rent on the rest.
Shared Ownership is a realistic way of getting on the property ladder and is aimed at/popular amongst first time buyers as it reduces the need for a significant deposit. However, the recent YouGov data suggests awareness needs to be increased about the benefits of the scheme as it is currently misunderstood and underused by those it was designed to help, chiefly the 18 to 24 age group.
If you are looking to buy a property, particularly if you are a first time buyer, and need any help or advice on purchasing options please contact the knowledgeable and friendly team of estate agents and property professionals at Pick My Pad.