High Demand Reported for Shared Ownership Housing

A housing association in Peterborough have reported a huge surge in the demand for shared ownership housing and interest in the HomeBuy scheme by way of getting onto the property ladder.A New Build HomeBuy scheme is being run by Cross Keys Homes and is helping those who have not previously been able to buy their home, get onto the property ladder, buying in stages.Despite the credit crunch people are still looking to secure themselves their own property and the shared ownership schemes are one of the most affordable ways of doing this for most.Over the past view months Cross Keys Homes have seen a ‘significant jump’ in the number of people registering for information on the new build homebuy scheme and they now have over 400 people on their books waiting for homes to become available.The major factor in this hike in interest has come about as people realise that buying 25% to 50% of their home is better than just renting a property.The shared ownership property market is not without its problems though. As other parts of the mortgage market suffer under the increasing rates, a knock on effect has been created for developers who then cannot sell standard priced home and then cannot meet low cost housing build costs. With this in mind, are we going to look at the shared ownership mortgage market drying up?