Potential first-time buyers look to shared ownership
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by Gill Montia
Nearly a half of today’s potential first-time buyers are considering turning to shared equity and shared ownership schemes, according to latest research from Lloyds TSB, with one in four respondents saying affordable housing is their only option when it comes to getting on the property ladder.
More affordable monthly mortgage repayments (24%) and being able to buy in an area that would otherwise be unaffordable (24%) are the main drivers.
And it would appear that the economic downturn has had an impact on how people view affordable housing schemes, with one in six saying they would not have considered the schemes previously.
However, shared ownership schemes are better understood than shared equity arrangements, with 81% of potential first-time buyers claiming to have a basic or good grasp of shared ownership, compared with 64% for shared equity.
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