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A national campaign to raise the profile of shared ownership was relaunched on Friday, with support from local provider Plumlife. The campaign, backed by nearly 50 other housing associations across the country, aims to raise the profile of shared ownership and explain how it works to potential buyers.
Shared ownership is another way to get on the housing ladder, allowing buyers to purchase a percentage of the value of the home (which means a smaller deposit and mortgage), then pay rent on the rest. Buyers can also buy more shares over time, until they own it 100%.
The campaign began in January, but was paused after the housing market was effectively suspended due to the coronavirus crisis. However, many housing associations have seen increased interest in shared ownership since the coronavirus lockdown, as potential buyers have looked for properties with more space to work from home, a garden, or located closer to friends and family.
The three-year campaign will reach potential buyers through online and social media advertising, as well as a new website (sharedownership.net) which will help them to find out whether shared ownership is right for them. The website also for the first time brings together shared ownership homes listed for sale across the country, making it easier for people to buy with shared ownership.
In 2018/19, housing associations built more than 14,000 new shared ownership homes in England, allowing tens of thousands of people to get a foot onto the housing ladder. Housing associations have been providing shared ownership for decades, but awareness and understanding among the public is not as high as it deserves to be, and there are misconceptions about it that need to be tackled.
Since 2019, Plumlife have sold 149 new homes through Shared Ownership and 81 on behalf of other shared ownership providers, helping a total of 230 local people who would otherwise be priced out of the market onto the property ladder.
They have recently launched sales for their first modular development, Piercy Street, which consists of 4 bedroom town houses, a joint venture with Urban Splash in the popular New Islington area in Manchester. As well as the third and final phase at Petre Wood, a charming new development in Langho, Ribble Valley, consisting of 15 new homes available to buy through this fantastic scheme.
Plumlife have a busy month ahead with the off-plan sales launches of popular developments Radclyffe Gardens in sought after Chadderton and Lindley Village, in Leigh. Together, they will provide 100 new homes which will be available to buy through shared ownership.
Plumlife are committed to delivering over 390 new, high quality homes for shared ownership throughout the North West by 2022.
Peter Harrison, head of property sale and marketing at Plumlife says:
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.
This will be fantastic way to boost the profile of shared ownership to help people step onto the property ladder and we’re delighted to be backing the campaign to help promote this great product.
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