Shared ownership can be a blessing for people who are finding it a challenge to get a foot up onto the pricey property ladder.
The shared ownership scheme allows people to buy a small stake in the property that they live in, whilst paying rent on the section that they do now own. They are then able to buy more sections of the property as they can afford to, eventually buying the property outright. With many schemes available across the UK, the option to take smaller steps up to full ownership of a property can be a very appealing options for many - however, it might not be as clear cut as the sales brochures make it seem… in 2014/15 only 2.7% of shared ownership occupants bought an additional stake in their property!
Data released by Inside Housing has revealed that repossessions and rent arrears are higher amongst households in shared ownership properties, than those in the private rented sector – with the average rental arrears coming in at £496!
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