Shared ownership 'a light at the end of the tunnel' for buyers

Shared ownership schemes may offer first-time buyers an invaluable chance to get onto the housing ladder but they are not the right choice for all properties, it has been suggested.

Sharetobuy.com has said that knowledge of the existence of such shared equity schemes has increased since the dawn of the internet. But take up levels none the less remain very low.

The firm did however warn that older properties were typically not available under such initiatives, something that puts many buyers off.

"The strongest plus for shared ownership is that it can genuinely be affordable because you can buy a share as small as 25 per cent and the remaining 75 per cent you pay rent on is subsidised ultimately by the taxpayer and can be as little as three per cent or even less, per year," said sharetobuy.com director James Cartlidge.

"Shared ownership is becoming far more widespread because of the pressure and sheer cost of housing. The need for it is far more common," Mr Cartlidge added.

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