Rugby’s MP Mark Pawsey last week visited Gardeners End in Rugby to talk to social housing provider Stonewater UK about different ways to help people take their first step onto the property ladder.
Gardeners End, built by Stonewater in 2007, consists of 24 flats that are available for shared ownership. Shared ownership schemes are a cross between buying and renting and are aimed primarily at first-time buyers. Buyers purchase a share of the home and then rent the part they do not own at a reduced rate. Over time as their incomes rise customers can buy a bigger share and eventually come to own the property in its entirety.
Mark met with members of the local Stonewater team who gave him a tour of the development. During the tour they explained the benefit of shared ownership as a way of helping people onto the property ladder and how Stonewater supports them to purchase more of their property.
Speaking after the visit, Mark commented:
“I was delighted to be able to visit Stonewater’s properties in Rugby and talk to them about the role that shared ownership properties can play in meeting the need for new housing.”
“Shared ownership is a good way for first time buyers to take their first step onto the property ladder. I know that many people want to own their own home, but struggle to be able to afford the whole mortgage. I was particularly interested to find out from Stonewater how someone looking to move into their own home might find out about the options shared ownership would give them.”
“I am particularly proud of the work that the Conservatives have done in Government to support home owners. I’ve met many Rugby residents who, thanks to initiatives such as Help to Buy, have been able to achieve their dream of owning their own home. Shared ownership through a Housing Association such as Stonewater is another great option that local people might wish to explore.”
Sue Shirt, Executive Director – Housing at Stonewater added:
“It was great to welcome Mark to Gardeners End to talk about how housing associations can help people get onto the housing ladder. Stonewater has over 2,000 shared owners across the country, and believe that in a world of housing shortages, and high prices and the need for large deposits in many areas this is an important route into home ownership for many communities. We were pleased that the Government supports the ambition of middle-income earners to access affordable home ownership and encouraged Mark to press for national publicity on how shared ownership works and can help. We need to ensure that shared ownership becomes a go to product for new aspiring owners.”