4 Oct

Shared ownership is a great way to buy for FTBs

Shared ownership is a great way to buy for FTBs

It has been revealed by LSL Property Services this week (October 3rd) that first-time buyers across the UK are struggling to purchase a home thanks to a drop of 3.7 per cent in transaction numbers over the last month alone.

However, in the opinion of one expert, those headed to estate agents can still find other ways to buy, such as shared ownership.

This has become more popular in recent years because it allows people to pay for a part of the home at a highly reduced rate while they can save up for their next share and a purchase of a larger property sometime down the line.

Robert Dibb, director at Advoco Financial, said: "What we tend to find is that when we first speak to people enquiring about buying for the first time, they have got quite a negative view of shared ownership. I think a lot of that is down to not having a full understanding of the product and how it works."

He said that while it is one of the older schemes, shared ownership is one of the more useful ones in the market.ADNFCR-1222-ID-801463728-ADNFCR

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