Potential buyers in the Liverpool City Region are expected to benefit from an increase of developments for Shared Ownership in the area.

Sandy Kelly, head of Help to Buy North West, has predicted a rise in the number of providers entering the Shared Ownership market, as the government increases funding for the sector.

This comes following yesterday’s (2 March) survey published by the Homes and Communities Agency (HCA), which revealed the financial health of the social housing sector in a bid to support providers’ contributions to new housing supply.

Responding to the survey, Sandy acknowledges the confidence and strength in the market, predicting an increase of registered providers (RP’s) entering the market.

She says: “A number of housing associations in the area have been successfully developing Shared Ownership properties for many years, but with the government’s focus firmly on home ownership and their announcement that they are making £4bn of grant funding available to build 135,000 homes by 2020, we expect to see an increased number of RP’s entering the Shared Ownership market.

“The changes to Shared Ownership eligibility criteria that came into effect in January makes Shared Ownership more accessible to a greater number of purchasers. We currently have over 3,500 eligible applicants registered on our North West database”.

Despite it being a “turbulent time” for the sector, Ben Clay managing director Of Clay and Co Housing Consultancy, believes Shared Ownership will play an important role in the future of housing associations.

He adds: “It is good to hear from the HCA that the affordable housing sector is still in strong financial position. It has been a turbulent time for the sector, dealing with the bedroom tax, universal credit, rent reductions and general uncertainty.

“I also believe Shared Ownership will play an increasingly important role in the housing market, and a different role to that played by Help to Buy. Although non registered housing providers will be able to access grants, I believe housing associations are still the best positioned to deliver this important tenure.”

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