This comes following research from the Resolution Foundation that revealed up to a third of young people face living in rented accommodation for their entire lives.
The association has promised to develop over 860 new affordable homes in the next five years, with 45% of these being shared ownership properties.
Shared ownership enables those who can’t afford a 100% mortgage to get on the property ladder by taking out a smaller mortgage to purchase a percentage of the home and paying rent on the rest, making it a much more affordable choice for many.
Collette King, chief executive at Equity Housing Group, said: “The research from the Resolution Foundation has reinforced the stark issues currently facing the housing sector, particularly around generation rent. We believe that shared ownership is a great solution to help alleviate some of these issues; a scheme used by many as a stepping stone to outright ownership, it offers participants long-term security and the stability of home ownership at a price that is still affordable.
Many people have misinformed preconceptions about shared ownership, what it entails, and the criteria for securing a shared ownership property. Anybody who isn’t already on the housing ladder and with a household income of under £80,000 - moving up to £90,000 in London - is eligible to apply; that’s a large proportion of those looking to buy.
Here at Equity Housing Group, we have over 860 affordable new homes planned for construction across the next five years and we will continue to prioritise developing affordable, fit for purpose housing to play our part in addressing the growing housing crisis.”
