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July 10, 2007

Shared ownership popular for first-time buyers

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by Kay Mitchell

Shared ownership popular for first-time buyers

In June, the Council of Mortgage Lenders, Northern Ireland, established that increasing house prices have meant that shared ownership schemes are increasing in popularity. Lenders are actively supporting these schemes.

Many first-time buyers throughout the UK are unable to buy a property due to rising interest rates and increasing house prices, therefore, many are opting for a shared ownership scheme. The scheme enables a buyer to purchase a percentage of a property, owned by a housing association. They then pay rent on the remaining share.

This scheme is being backed by many as the ideal solution of getting onto the property ladder.

According to shared-ownership-network.com, this scheme is very well liked in London, high house prices mean that many are unable to buy a house but the rest of the country also have the same problem.

Shared-ownership-network.com also added that there are a higher amount of lower income earners signing up for the shared ownership scheme than there would be buying 3-bedroom houses on the market because they do not have the money.


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