Today the Guardian newspaper revealed in a survey carried out by Santander that 70% of young people now believe that the home ownership dream is over for their generation.
Results from the survey show that less than 25 per cent of 18-to-34-year-olds will be in a position to buy a home by the year 2026. While 91 per cent of the young people interviewed still aspire to own a home, over two-thirds said it was unlikely to happen unless they received the deposit from their parents.
But with deposits starting from under £3,000 with shared ownership, the dream of buying a home can be a reality.
Shared ownership is a part buy, part rent scheme backed by the Government for people who can't afford to buy a home on the open market. It allows you to buy a percentage of a home based on what mortgage you can afford (between 25% - 75%) and pay a reduced rent amount on the rest, with the option to buy more of it in the future, all the way to full ownership.
It provides life-long security without the huge upfront cost of a deposit that home-buyers face when they use traditional ownership routes.
Peter Harrison, Plumlife’s Head of Property Sales and Marketing, said: “The issues facing potential first time buyers aren’t new. To go down the traditional outright sale route in some areas is still a dream and out of a lot of young people’s reach because of the size of the deposit expected.
That dream can be a reality with home ownership products like shared ownership. It allows people to get the home of their dreams now rather than spend years trying to save for a deposit.
There is still a lack of understanding about shared ownership and the role it can play in helping solve the housing crisis but there is hope with the new nationwide advertising campaign by the National Housing Federation which will launch in October this year.
This will be fantastic way to boost the profile of shared ownership to help people step onto the property ladder and we can’t wait to get involved in helping promote this great product.”
For over 20 years Plumlife has been making home ownership a reality for a wide range of people throughout the North West and Yorkshire and are committed to building 450 new shared ownership homes by 2022.
For more information, visit our website www.plumlife.co.uk, call our award-winning team on 0161 447 5050 or follow us on Twitter @plumlifehomes.