Shared ownership schemes 'popular across the UK'

Shared ownership initiatives are gaining in popularity across the UK and are not just commonplace in London, it has been advised.

Owning a property in conjunction with social landlords such as housing associations is popular because of the way that it offers owners the chance to buy part of the property at a time while renting the remainder.

The Shared Ownership Network has said that the scheme attracts attention from lower income earners, with larger shares more common in the cramped space of the capital.

"There is obviously a higher proportion of lower income earners doing shared ownership than there would be buying three-bedroom houses on the open market because they don't have the money," commented the firm's James Cartlidge.

"We've had a period of very low interest rates, which has meant there's higher demand, low supply, [which] equals higher property prices. And therefore affordability's been a problem across the country," Mr Cartlidge added.


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