There remains a critical need for quality affordable housing across the UK, with the demand for homes continuing to grow. Recent data from Savills shows that, if the new Government sustains current levels of Shared Ownership delivery, the tenure could support up to 100,000 homes over the next five years.
Savills’ report, ‘Shared Ownership: A key piece in the housing puzzle,’ delves into the strengths of the tenure, and the challenges it faces. Today there are over 250,000 Shared Ownership homes across the country, with housing associations owning and managing a significant 91% of them. Notably, local authorities and other entities are increasingly entering the space; For-Profit Registered Providers acquired 3,345 Shared Ownership homes in 2022-23.
The benefits of Shared Ownership are clear. The tenure provides Shared Owners with stability and security. It offers an essential stepping stone onto the property ladder, and helps people purchase a home at a younger age. Over half of Shared Ownership purchasers are single adults, and a substantial 70% are under the age of 40, compared to 50% of general first-time buyers.
However, there continue to be barriers to entry that we, as a sector, must come together to tackle. The report highlights that there is still a lack of understanding about the product amongst both buyers and investors.
At Inspire New Homes, we are committed to harnessing insights to support our clients as they meet the need for affordable housing. The full report from Savills provides a comprehensive look at how Shared Ownership is continuing to reshape the housing landscape – read the full report here https://www.savills.co.uk/research_articles/229130/363354-0
