Shared ownership too expensive for London first-time buyers, Which? research finds
Shared ownership schemes are intended to help cash-strapped first-time buyers onto the property ladder, but Which? research has found that most young people in London are unable to afford even the minimum share.
Shared ownership involves buying a share of between 25% and 75% of a property and paying rent on the remainder. For many people struggling to save up a large enough deposit to buy a home of their own, this is the most realistic way of buying a home. However, Which? research shows that buying even the minimum share of a studio or one-bedroom shared ownership property within a 20-mile radius of London is impossible for most people aged under 30.
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