Plumlife, part of the Manchester based Great Places Housing Group, is supporting a national campaign to promote shared ownership in the run up to the next election.
Nineteen of the largest providers of low cost home ownership in the country have joined forces to urge MPs of all parties to support the building of more shared ownership properties.
Plumlife deputy chief executive Matthew Harrison, said: “Part of this campaign involves banishing some of the myths surrounding shared ownership and today I'd like to banish the myth that "lenders don’t like it; it’s not a sustainable lending market"
"In reality, it’s inevitable that when the lending market is tight, there will be less lending for shared ownership along with everything else. But, in fact, there are still a reasonable numbers of lenders in the shared ownership market – we’d like more and we are trying to encourage more in, but there are some really committed lenders in the market for shared ownership.
"It’s absolute nonsense to suggest it’s not a good lending market. There are already 170,000 homes in the shared ownership market and the demand from potential customers is huge. The interest for shared ownership far outstrips the volume of homes we can provide. And, as more people can’t get social rented housing and can’t afford outright home ownership, the market will continue to grow.
"It’s true some lenders have expressed some concerns, mainly about the way shared ownership is administered and managed. Housing associations are working very closely now with lenders to resolve their concerns, and we are convinced there are great opportunities for lenders in shared ownership going forward. For example, changes in the standard shared ownership lease will give lenders considerably more protection if a buyer does find themselves in financial difficulty."
Tomorrow: "It’s too complicated!"
Author:
Category:
Source: