Ref:PRHPG033                                                                                       Date: September 2024

Removing the barriers to home ownership

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A leading Midlands housing association is celebrating its success in helping would-be homeowners take the first steps on the property ladder.

Over the past two years, Housing Plus Group has built more than 100 homes exclusively for shared ownership, a popular initiative that allows buyers to purchase a share in their property while paying reduced rent.

As the UK marks National Shared Ownership Week (Wednesday, September 25, to Tuesday, October 1),the organisation's specialistsales and market rentcompany, Severn Homes (part of Housing Plus Group), is busting some myths surrounding a long-established alternative to more traditional ways to buy a home while highlighting its many benefits.

Gerry McFall, sales manager, explained: "Shared ownership has been around for many years, but we find that many people are still unaware of how to take this affordable step towards owning their own home.

"Ideal for first-time buyers and anyone returning to the housing market, shared ownership is also known as ‘part-buy, part-rent' and typically involves the buyer purchasing up to 75 per cent of the value of the property.

"Although they pay a reduced rent, they have many of the same responsibilities as homeowners, such as the cost of repairs, but over time they can increase their stake in the property or even purchase it outright, building equity as their home's value rises.

"However, some schemes only allow a maximum of 80% ownership to ensure that properties remain affordable for local residents and prevent them from being priced out of the area."

Although usually associated with homes for affordable rent, housing associations such as Housing Plus Group are playing a significant role in promoting the shared ownership model.

"We recognise that for many people, renting isn't their preferred option, and making more properties available for shared ownership is one of our priorities as we continue to invest in building new homes," Kerry Bolister, Director of Development at Housing Plus Group, said.

"This is particularly important inareaswhere local residents may have been priced out of the local housing market," she added.

Further details about properties currently available for shared ownership with Housing Plus Group are available on the Severn Homes website  here, while you can read more about Shared Ownership Week  here.

Caption for image: Dev23123_Shared Ownership:

Severn Homes helped Jasmine (pictured) buy her first home through the shared ownership scheme.
  

Background for editors

Housing Plus Group is a leading provider of homes across a range of tenures, to meet identified housing needs. We also deliver regulated care services and technology-enabled support to help people live independently in their own homes. We offer rewarding careers for around 1000 colleagues, many of whom live in the communities we serve.

We are focused on building a resilient organisation providing even better services for customers and are inspired and guidedby our values: Communication, Learning, Accountable, Respectful, Inclusive, Trust and You.

Following recent significant growth and change at Housing Plus Group, we are delighted to have been recognised with 1 Star accreditation by Best Companies, reflecting very good levels of workplace engagement and a great place to work.

Our dedicated and diverse colleagues are critical to our success. We value our people and offer them challenging and worthwhile careers providing a sense of achievement in a vital sector. It is important that we offer opportunities to inspire our people to help us to make a positive difference to our customers' homes, lives and communities.

Our Group comprises: Homes Plus, Care Plus, Property Plus, Severn Homes and County Town Homes. More information can be found at:www.housingplusgroup.co.uk

The Regulator of Social Housing (RSH) requires that all registered providers confirm compliance with the Regulatory Framework, Governance and Financial Viability Standard. Housing Plus Group complies with this standard, holding the RSH highest rating for governance, G1 and V2 for viability. Please visit www.gov.uk to find out more.

Further information 

Mara Hargreaves  
Head of marketing and communications
Housing Plus Group   
Mobile (p): 07967 967 466
mara.hargreaves@housingplusgroup.co.uk

Ruby Davies
Marketing and communications officer
Housing Plus Group 
Mobile:07485 922776
ruby.davies@housingplusgroup.co.uk

Martin Farrow
CHANGEWORKS Communications
Mobile: 07771 970025
mfarrow@changeworkscom.co.uk