Nearly half (44%) of all buyers of shared ownership homes in 2008/09 had household incomes below £25,000 and nearly a quarter had incomes below £20,000.
People can afford to buy a shared ownership home at a younger age too, despite the high deposit demands of mortgage lenders. The average age of a shared ownership home buyer is 32, compared to an average of 37 years for first time buyers who do not have financial assistance with a deposit from parents or relatives.
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The report, 'Shared Ownership: Facts & Figures', contains 22 facts about shared ownership which illustrates its importance to the housing market, its wider social and economic value, and its ability to support the Government's plans to promote an age of aspiration in housing.
Brian Johnson, Chief Executive of housing association Moat said: "Over 170,000 people have bought a shared ownership home in the last 30 years. As house prices have spiralled out of reach financially and mortgage lenders have increased their deposit requirements, shared ownership has played a key role in helping younger working households to get onto the housing ladder. Demand for shared ownership homes massively outstrips supply.
"There are too many people left out in the cold by our dysfunctional housing market. They don’t qualify for scarce social rented housing, but they can’t afford to buy on the open market or to pay high private sector rents. Shared ownership offers high quality housing at affordable prices.
"Our new report shows that the Government must continue to fund a strong programme of shared ownership building over the coming years, even while public spending is cut. We need these homes to give people a decent housing choice and to help meet aspirations. Working families on modest incomes deserve a fair housing future. This is very important to the economic success of our country."
(CD/GK)
