{"id":322,"date":"2015-10-02T15:47:08","date_gmt":"2015-10-02T15:47:08","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/shared-ownership-is-it-a-good-idea\/"},"modified":"2018-02-19T14:01:08","modified_gmt":"2018-02-19T14:01:08","slug":"shared-ownership-is-it-a-good-idea","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/shared-ownership-is-it-a-good-idea\/","title":{"rendered":"Shared Ownership &#8211; Is it a good idea?"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<div>With the <a class=\"wl-entity-page-link\" title=\"Real estate economics\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/real-estate-economics\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/real_estate_economics;http:\/\/rdf.freebase.com\/ns\/m.04t2q1;http:\/\/dbpedia.org\/resource\/Real_estate_economics\" >housing market<\/a> and the economy slowly on the rise from the aftermath of the recession we Brits are finding it rather hard to take that first <a class=\"wl-entity-page-link\" title=\"Stairs\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/stairs\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/stairs;http:\/\/rdf.freebase.com\/ns\/m.01lynh;http:\/\/dbpedia.org\/resource\/Stairs\" >step<\/a> onto the housing ladder and as such are more than happy to look into the options that might make that transition a little easier. One of these seemingly easy fixes is that of Shared <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/ownership\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/ownership;http:\/\/rdf.freebase.com\/ns\/m.01fb8r;http:\/\/dbpedia.org\/resource\/Ownership\" >Ownership<\/a>.<\/div>\n<div>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\"><span style=\"font-size: medium;\">\u00a0<\/span><\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\">So what is Shared Ownership exactly? Well to put it simply <a class=\"wl-entity-page-link\" title=\"Equity sharing\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/equity-sharing\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/equity_sharing;http:\/\/rdf.freebase.com\/ns\/m.05y30j;http:\/\/dbpedia.org\/resource\/Equity_sharing\" >Shared Ownership<\/a> is the part buying and part <a class=\"wl-entity-page-link\" title=\"rental\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/renting\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/renting;http:\/\/rdf.freebase.com\/ns\/m.01y857;http:\/\/dbpedia.org\/resource\/Renting\" >renting<\/a> of a <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a>. Provided by housing associations, Shared Ownership is a means by which those who doesn\u2019t quite have the savings needed to buy a <a class=\"wl-entity-page-link\" title=\"houses\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house;http:\/\/rdf.freebase.com\/ns\/m.03jm5;http:\/\/dbpedia.org\/resource\/House\" >house<\/a> outright, can still make their way onto the housing ladder. Shared Ownership means, that instead of buying the house at one fixed cost and assuming sole ownership instantly, you buy a share from 25-75% of that <a class=\"wl-entity-page-link\" title=\"Housing estate\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/housing-estate\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/housing_estate;http:\/\/rdf.freebase.com\/ns\/m.01rtvp;http:\/\/dbpedia.org\/resource\/Housing_estate\" >home<\/a> and pay additional rent on the remaining share. Once started, it is possible to buy bigger and bigger shares in that house where <a class=\"wl-entity-page-link\" title=\"Affordable housing\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/affordable-housing\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/affordable_housing;http:\/\/rdf.freebase.com\/ns\/m.09jvc1;http:\/\/dbpedia.org\/resource\/Affordable_housing\" >affordable<\/a>.<\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\"><span style=\"font-size: medium;\">\u00a0<\/span><\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\">Originally this Shared Ownership scheme appears to be something highly positive, suggesting that there are incentives and that the thinking is out there to keep in mind those of us who at the moment can\u2019t afford the costs of buying a house outright , but that don\u2019t want to go on renting from now until forever. Coupled with the numerous government schemes such as HomeBuy and NewBuild, it\u2019s hard not to see the efforts being made to help first time buyers and to keep the housing ladder accessible and active.<\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\"><span style=\"font-size: medium;\">\u00a0<\/span><\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\">However, Shared Ownership has recently gotten a significant amount of bad press. It appears that the original thinking behind Shared Ownership, for new buyers to <a class=\"wl-entity-page-link\" title=\"Use (law)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/use-law\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/use_law;http:\/\/rdf.freebase.com\/ns\/m.05r4j5;http:\/\/dbpedia.org\/resource\/Use_(law)\" >use<\/a> it as a stepping stone towards full ownership, has broken down. In a <a class=\"wl-entity-page-link\" title=\"Study (room)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/study-room\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/study_room;http:\/\/yago-knowledge.org\/resource\/Study_(room);http:\/\/rdf.freebase.com\/ns\/m.03d2yw;http:\/\/dbpedia.org\/resource\/Study_(room)\" >study<\/a> carried out by Cambridge University in 2012, they found that shared owners were in fact less mobile than those who bought outright, defeating the very purpose of the scheme at the most basic of stages.<\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\"><span style=\"font-size: medium;\">\u00a0<\/span><\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\">Another problem lies within the legal flaws of a Shared Ownership contract, in that there is not actually a \u2018shared ownership\u2019 at all. If a tenant, or one of the so called \u201cshared owners\u201d of the property defaults on their rent over a prolonged period, the Home Owner can legally <a class=\"wl-entity-page-link\" title=\"Repossession\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/repossession\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/repossession;http:\/\/rdf.freebase.com\/ns\/m.0725l2;http:\/\/dbpedia.org\/resource\/Repossession\" >repossess<\/a> the property outright, suggested that in practise Shared Ownership is nothing more than a glorified <a class=\"wl-entity-page-link\" title=\"Lease\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/lease\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/lease;http:\/\/rdf.freebase.com\/ns\/m.03x_d3f;http:\/\/dbpedia.org\/resource\/Lease\" >tenancy agreement<\/a>, with an expensive down payment to buy the property at a later date.<\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\"><span style=\"font-size: medium;\">\u00a0<\/span><\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\" align=\"JUSTIFY\">So is it really worth it? Well, it looks like the answer might be no. With the housing market cooling down, combined with all the government aids and financial support networks for first time buyers , it seems better to buy outright rather than hang in limbo between renting and owning.<\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\"><span style=\"font-size: medium;\">\u00a0<\/span><\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\"><span style=\"font-size: medium;\">\u00a0<\/span><\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\"><span style=\"font-size: medium;\">\u00a0<\/span><\/p>\n<p class=\"western\" style=\"margin-bottom: 0cm;\"><span style=\"font-size: medium;\">Sophie Lockhart<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the housing market and the economy slowly on the rise from the aftermath of the recession we Brits are finding it rather hard to take that first step onto the housing ladder and as such are more than happy<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/shared-ownership-is-it-a-good-idea\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":3555,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[13,17],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2014\/10\/house-ladders.gif","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/shared_ownership_-_is_it_a_good_idea_","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/322"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=322"}],"version-history":[{"count":5,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/322\/revisions"}],"predecessor-version":[{"id":15015,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/322\/revisions\/15015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/3555"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=322"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}