Majority of millennials don’t know what Shared Ownership is
Shared Ownership remains ‘misunderstood and underused’ among young people, according to new national research commissioned by Leeds Building Society.
The mutual found that millennials aged 18-24 are the least aware of Shared Ownership, despite being the group most likely to benefit from the scheme.
Three-quarters of people in the UK have heard of Shared Ownership, but only four in 10 18-24 year olds are aware of the scheme – which has actually been in existence for 40 years.
Even when they had heard of Shared Ownership, one in five 18-24 year olds admitted they had no understanding of the scheme beyond knowing it existed.
What is it?
Shared Ownership was introduced to provide an opportunity to buy a share of a property and pay rent on the rest.
Over a quarter (26%) of 18-24 year olds actually thought ‘Shared Ownership’ meant buying a property with friends, family or a partner.
Once made aware of the correct definition of Shared Ownership, 24% of 18-24s said they would be ‘very likely’ or ‘fairly likely’ to use the initiative in the future – the highest among the age groups surveyed.
Jaedon Green, director of product and distribution at Leeds Building Society, said: “Shared Ownership offers a realistic way of getting onto the property ladder. It’s a proven formula that helps people secure a home, even where a traditional mortgage is not affordable, and its longevity is testament to its success.
“However, awareness still needs to be raised about the benefits of Shared Ownership, as it continues to be misunderstood and underused by many of the people the scheme was designed to help, particularly those aged 18 to 24.
“The fact that almost a quarter of those aged 24 or under would be likely to use Shared Ownership once they found out how it worked shows the importance of increasing awareness and educating those who would benefit most from Shared Ownership.