Most renters unaware of affordable ownership

Around 60 per cent of renters are unaware of affordable ownership schemes, new research reveals.

The study, commissioned by the East Thames housing association, finds more and more people are saying they will never own a property, despite being likely to be able to buy a home under an affordable ownership option.

One in four said they thought being able to buy a home in stages was for key workers only, one in eight believed affordable ownership schemes were only for those who had a home repossessed in the past, and one in ten believed it was just available for the unemployed.

"Our survey showed that too few people understood what shared ownership meant," commented Kate Worley of East Homes, part of the East Thames Group.

"Either that or they don't realise it's available to a wider selection of people than they might think. If someone has a regular income but can't afford to buy a home locally with the help of a mortgage, then New Build HomeBuy could be for them."

New Build HomeBuy used to be known as shared ownership. The scheme allows tenants to partly buy and partly rent a property. The tenant then has the opportunity to buy more of the property as they are able to afford it.

For more information about New Build Homebuy see www.east-homes.co.uk