What are Shared Ownership Schemes?

This is a question that people have been asking for months, so it is hardly news that over half of all first time buyers and key workers don’t know what shared ownership schemes are all about. A survey carried out proves that the Government’s affordable housing schemes are still an enigma to many, especially to those who would actually benefit from them.

It is thought, following the survey, that around 48% of key workers and first times buyers have either not heard of shared ownership or did not know that they qualified for them 13% of people in these groups were convinced that they would not qualify for such shared ownership or shared equity schemes.

The fact is that around 97% of first time buyers would and do qualify for shared ownership schemes, as most are not earning over the £60k threshold. In light of this, calls are being made for better marketing and promotion of such schemes.

It is also clear from the research that many felt that the schemes were not attractive and would probably mean sacrificing some sort of quality of life.A major client director of propertyfinder.com has said that there is clear widespread ignorance amongst the Government’s target audience and that many who do qualify are confused by what is available and how they work.

Another amazing statistic is that 1 in 4 who are earning less than £30,000 has never even heard of the affordable housing schemes, so a huge effort is call for by the Government to publicise these schemes.

It is evident that the Government is doing a lot to help first time buyers, but more promotion and awareness needs to be given to these schemes.If you are in any doubt about shared ownership, then speak to us at Click n go Mortgages and get the advice that you need to get onto the property ladder.