Wayne Hemingway, MBE, is the face of Shared Ownership Week 2017. Here he reveals his thoughts about the shared ownership scheme, how it can help you get on the property ladder, and gives his top tips for starting your journey into home ownership.
This year I am supporting Shared Ownership Week, a national campaign raising awareness for a scheme which is offering an option to thousands of aspiring home buyers.
Over the last five years, the affordable housing sector has demonstrated considerable progress in bridging the affordability and home ownership gap; shared ownership has played an important part in this. However, there is still more work to be done and I believe it is important that young people, in particular, understand their options when it comes to home ownership.
A survey commissioned by Shared Ownership Week has revealed that 54% of 21 to 30-year-olds have never heard of shared ownership. The aim of Shared Ownership Week is to take another step towards changing this, spreading the word about the scheme and how it can be a way of getting on the housing ladder.
Home ownership is an aspiration for many people, offering stability in a temperamental market. It has a history of providing financial security, but house price inflation, with wages lagging far behind, has made home ownership seem like a pipe dream for many. This is particularly true in London where prices are higher; shared ownership is a great way to purchase in popular areas such as Wembley, Greenwich and Hackney.
The housing crisis will take a myriad of initiatives to begin to heal what many are referring to as a “broken market” and I am pleased to be supporting the vital work of the housing associations through Shared Ownership Week 2017.
Here are my tops tips for starting your shared ownership journey: