Vicky Savage, Group Director Development and Sales, comments on the Importance of Shared Ownership

To mark the launch of ‘Our Complete Guide to Shared Ownership’, L&Q’s new handbook on the alternative home ownership scheme, we speak to Vicky Savage, Group Director Development and Sales. Vicky explores why creating Shared Ownership homes has long been a major priority for L&Q, and is so close to her heart personally, while considering why the sector should continue to prioritise the scheme.

“As an organisation, L&Q was one of the first to champion Shared Ownership, marketing our first homes through the scheme in the late 1980s.?Today, we remain one of its biggest advocates. In 2021/22, we delivered our largest ever sales programme – and Shared Ownership was its heart. Sixty-one percent of our programme was affordable, and overall we delivered approximately half of all the affordable homes built in London last year.

We expect the end of Help-to-Buy in March 2023, combined with the continued cost of living crisis, to move Shared Ownership even more to the centre stage.

Here are three ways that I believe that L&Q and our industry colleagues can continue to support the scheme, as it becomes an even more crucial means for helping people onto the housing ladder across the country. ?

1.??????Continue to Educate

As a sector, one of the most important things we can do is tell buyers and their influencers (such as their families) about Shared Ownership. This will help them make informed decisions about what is right for them.

While it’s clear that awareness of Shared Ownership has grown hugely in recent years, there is such a broad spectrum of information and opinion out there about it. This leads to a confusing process for prospective buyers and plenty of misinformation. People often don’t realise, for example, that Shared Owners have no obligation to buy more shares. Some of our buyers favour the scheme for the security it gives them over private renting and therefore have no plans to staircase.?We think people should understand all these nuances, to know what is right for them.

The objective of ‘Our Complete Guide to Shared Ownership’ is not just to demystify the process, but, more importantly, to offer a completely transparent view of the scheme.

We shouldn’t shy away from the fact that Shared Ownership is not a product that is going to suit everyone. Having all the information in one place is invaluable. It allows people to start the buying process with their eyes wide open – giving them the confidence that the scheme is right for them.

Alongside our sector colleagues, we are proud to help further grow understanding of Shared Ownership by being part of industry-wide initiatives, such as Shared Ownership Week and as members of the National Housing Federation.

2.??????Build for communities, with social impact in mind

My personal passion is that Shared Ownership should give people the opportunity to buy a home and stay in their community.?

As a Londoner myself, I’m acutely aware of the problems faced by those looking to buy their first home in areas where property prices continue to rise at extraordinary levels. In cities like London and Manchester, it is essential we give anyone looking to buy a home of their own a chance to do so where they already have social networks – be that in Hackney or Hale – through an affordable home ownership offer.

It's not just in cities where Shared Ownership has a place. As house prices across the country increase at a record pace, demand is skyrocketing outside of the UK’s big cities. As a result, we are putting equal emphasis on our suburban and rural Shared Ownership schemes – from Essex and Warwickshire to Lancashire and Cheshire.?

3.??????Embrace change, and new models

As the property market changes, we should embrace the new – such as the new Shared Ownership model, which allows budding buyers to purchase a 10% share on selected schemes. We are preparing to roll this out across some of our forthcoming developments. It will be crucial to measure the take up of this so we can learn from it.

The ten-year maintenance warranty doesn’t scare us. L&Q strives to build quality, robust and beautiful homes for first time buyers. Listening to our customers and asking for feedback is the best way we can make sure we deliver on this – which is why we survey our buyers frequently. Our most recent buyer survey showed that 95% of our customers were satisfied or very satisfied with the development they lived in – a great accolade that we are very proud of.”

Our Complete Guide to Shared Ownership can be viewed here: https://lqhomes.com/wp-content/uploads/2022/03/LQ-guidetosharedownership.pdf