Legal & General Housing Partnerships has warned that mainstream mortgage advice needs to include discussions around the opportunities within shared ownership schemes if the UK is to achieve a “healthy housing market”.
The business says the sector is still vastly underserved and misunderstood, by both the industry and consumers, with a re-education in the area needed.
Legal & General Housing Partnerships has engaged with a number of housing associations, and is hosting an event for brokers, lenders and providers, which will explore the ways in which the industry can work effectively together to deliver a healthy shared ownership market.
The event will discuss the government’s current measures on shared ownership, proposed policy changes, and funding which could equate to 30,000 new shared ownership homes per year.
The forum will facilitate panel discussions and aim to provide attendees with the facts and requirements of shared ownership to ensure the scheme is used successfully and to the advantage of consumers.
Speakers at the event will include representatives from the Department of Communities and Local Government (DCLG), the Chartered Institute of Housing, and mortgage trade bodies such as the Council of Mortgage Lenders (CML) and the Building Societies Association (BSA).
Legal & General has also formed a working group to action change as it seeks to ensure continued commitment to the shared ownership sector.
Stephen Smith, director of Legal & General Housing Partnerships, said: “Our hope is that this event will drive discussions on how the industry can work together to develop a strong shared ownership sector, providing a platform for conversations on how the scheme can be promoted and used to its full advantage.
“It is vital that housing associations and mortgage lenders collaborate to promote the benefits that the initiative can have for all. Due to the continued shortage of housing in the UK any scheme that can help more people get on the property ladder and achieve their aim of owning their own home, should be welcomed and supported.”
“There is huge demand for shared ownership and now government has backed this product with a major investment package,” said Boris Worrall, executive director of futures, Orbit Group. “It’s up to us to create the conditions for it to really fly and it’s been brilliant to work with L&G to bring lenders and brokers in on the conversation.”
Gavin Smart, deputy chief executive, Chartered Institute of Housing, added: “The government’s ambition to drive the growth of shared ownership is very welcome – doubling the number of new homes built every year could help thousands of people who have been priced out of a decent place to call their own.
“We’re really pleased to be working with Legal & General and Orbit to bring housing associations and lenders together to help achieve that.”