Twenty one of the leading providers of shared ownership and affordable homes have come together to ensure that the new coalition government maintains spending.

With shared ownership giving so many people the chance to get onto the property ladder, the 21 leading housing associations have written to the new Chief Secretary to the Treasury, David Laws, and the new Housing Minister, Grant Shapps. They are urging the new government to recognise the role that shared ownership now plays in the housing market and the value for money that it offers.

In recent years we have seen the highest house prices on record and severe cuts in public spending, but all the time shared ownership has remained as a viable and affordable option for those who want to enter the property market.

The new coalition government have indicated in a policy document last week that they intend to promote shared ownership housing. The proof will be in the pudding and their commitment to funding.

House prices for many will stay out of reach and so shared ownership really is the only option for many wanting to get onto the property ladder and so funding is paramount. Affordable housing is greatly needed and shared ownership is going to help to bridge the gap between those in need and finding suitable accommodation.

According to a recent study into mortgage lending during the first quarter of 2010, mortgage brokers accounted for 62% of all property loans.

First time buyers seem to the biggest group looking to mortgage brokers for advice on the right product for them, with 71% of first time buyer loans coming from intermediaries.

Mortgage brokers have been very important to homemovers and remortgagers, bringing 57% of all homeowner loans to the market and 64% of remortgages by value.

Many mortgage brokers lost out during 2009 when lenders sought to offer product strictly through branches, but the recent statistics show that brokers are a vital and value channel for all. This is not just the case for borrowers who want to know what the whole market has to offer but is also key to lenders, offering them an effective route to market.

The study shows that people want advice and someone who can give them a good over view of the market and explain what will really suit their needs. The mortgage market is a frightening place for many, especially for first time buyers, so it is not completely unsurprising that they are looking to experts for help.

UK property website Rightmove claims that house prices have risen slower in May than in April – a sign that things could be levelling out.

House prices went up 2.6% in April and only 0.7% in May according to Rightmove, indicating that things could be cooling off.

In the week before the General Election there was a huge influx in the number of new sellers, the biggest in fact since June 2008. However on the flip, there was a sharp rise in the number of unsold properties, due to a lack of mortgage financing options for buyers, especially first time buyers.

Despite the dip in housing prices, the unavailability of mortgage products means that few are able to get onto the property ladder. Sellers are reducing asking prices, but it is not enough to bring back the volumes needed to restore the housing market.

The London housing market took a different turn this month with a 0.4% dip in asking prices. The market here is more affected by overseas buyers and ‘financial sector cash bonuses’, so this was the first fall since December.

Rightmove has a good overview of the market with around 90% of properties for sale in Britain going through the website. Only the next few months will give a clear indication of exactly which path the UK housing market will take.

The UK’s largest building society Nationwide, says that it believes that the UK property market will remain pretty stable over the forthcoming 6 to 12 months.

According to Nationwide, the pressure on property prices is decreasing as new properties enter the market.  They also predict that the UK base rate will not increase during the rest of 2010.  If this is the case, then interest rates should remain at a steady 0.5%.  In turn this should increase liquidity in the mortgage market and help to get the property market flowing.

With the UK property market finally picking up, is it only about to get another kick in the teeth?  The debt problems facing Europe could have a major impact on the UK economy and the longer that the issues persist, the more likely this is to happen, so perhaps we aren’t out of the woods yet.

With new mortgage products coming onto the market all of the time, it is worth investigating what your options are now.

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