b'2.0 / About the tenureSO Resi by Metropolitan Thames Valley 2.0 / About the tenureSO Resi by Metropolitan Thames Valley 2.0 / About the tenureShared ownership as a means of helpingIts different iterations including co-ownership and rent to buy are tied to the thinking and people buy a home which would otherwisepolicies of the Government of the time. Staircasingthe ability to buy more shares in your home - as a component of shared be unaffordable has existed in some shapeownership was first introduced in 1980 (1). or form since the 1960s and 1970s. DifferentAs at 2019, some 200,000 households live in shared ownership accommodation according schemes have been aimed at different groupsto Savills and housing associations are the most common provider of shared ownership. In its current form, shared ownership gives people who are unable to afford a large enough from key workers to first-time buyers. deposit or mortgage a lower barrier to entry into home ownership. They can buy a 25%-75% share of a property, paying rent on the remainder. The total cost of mortgage and rent is often found to be a cheaper option than renting on the open market. Properties are always leasehold and shared owners get the option to staircase in incrementsI did a lot of research on buying my firststarting at 25% with the cost based on the current market value of the property. The shared home, from talking to friends and family, and seeking mortgage advice. Buying a home onowner has to pay valuation and legal fees each time they staircase. Through staircasing, the open market was out of the question, soshared owners can own their home outright. I was left weighing up either using sharedTo be eligible for shared ownership a household has to be earning 80,000 or less (90,000 ownership or Help to Buy. They are bothin London) and one of the following applies: first-time buyer, former homeowner but cannot great schemes, but shared ownership wasafford to buy now, or an existing shared owner.the better option to go for in my currentWhen selling the home, the housing association or provider gets the first option to buy or find positionI liked the fact that I wouldnt havea buyer from their waiting list unless the property is owned outright. to pay off an equity loan, so it means lessThe Government has proposed some changes to the shared ownership model to make it stress if and when I want to sell my homeaccessible to more people and easier to staircase (see The future of Shared Ownership p14). further down the line.For housing associations, shared ownership enables them to add variety to their affordable Helen Lambert / SO Resi Ware resident housing offer and gives them an initial release of capital which they can reinvest into building more product. For funders, it offers a stable income on a product for which there is high demand and an asset that has good ESG (Environment, Social and Corporate Governance) credentials. References(1) Exploring experiences of shared ownership housing: reconciling owning and renting by Dave Cowan, University of Bristol,Alison Wallace, University of York and Helen Carr, University of Kent, 2015 https://www.york.ac.uk/media/chp/documents/2015/sharedOwnershipCHPL.pdf (2) Shared ownership eligibility https://www.gov.uk/affordable-home-ownership-schemes/shared-ownership-scheme4 / Shared Ownership Market Review 2020In conjunction with Cambridge University Shared Ownership Market Review 2020In conjunction with Cambridge University / 5'