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Sharing the pain
Shared ownership is set to be another broken retaining wall in the housing crisis, writes SOLOMON HUGHES
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SHARED ownership was supposed to be an “imaginative” housing solution pushed both by New Labour and Cameron’s Conservatives, but a recent article in online magazine The Lead says the “situation is so desperate that the plight of shared owners may well be the next big housing debacle.”
Shared ownership is for people who want to buy a flat but can’t afford ever-rising property prices. So you try and “own,” say, 30 per cent of your flat, paying rent for the remaining 70 per cent.
It’s meant to be a bridge between renting and buying. Maybe over time you can buy bigger shares of your flat and slowly join the respectable property-owning classes.
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