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Shared ownership enquiries rise

Property Booking has experienced a surge of enquiries this January from buyers considering shared ownership.

The website, which hosts details of homes available to purchase and rent, saw searches for the affordable home-buying option of shared ownership soar by 62.4% during the first four weeks of 2020.

Jimmy Acton, director at Property Booking, said: “Shared ownership has been around for years but it is only recently that we have seen the product gain momentum really come into its own.

“With more government backing and an evolving understanding of the product, it is clear that demand is on the rise.

“The affordable nature of shared ownership, combined with an increased desire to get on the property ladder, means that we can expect see this interest continue.”

Property Booking suggested the surge in enquiries is down to promotion of the product by the Conservative Party, after it pledged to make it easier for buyers to staircase in smaller amounts.

Additionally, the National Housing Federation launched a campaign to substantially raise the profile of shared ownership.

Shared ownership allows would-be homeowners to cut the cost of getting on to the housing ladder by purchasing a share of the home from a housing association or other registered provider, and paying rent on the part they don’t own.

Over time, they can buy further shares in the property if they wish, through a process known as staircasing, until they own the complete home.