Share Ownership Schemes

This Government backed scheme, does it really benefit the people who wants to get on the property ladder?
Well I believe that some housing associations are milking it on the rent and the service charge that tenants and leaseholders have to pay.The whole point of this scheme is to have a low rent and a mortgage that will enable the 50% owner to buy the other half on a staircasing basis.
Take for example Sheperd’s Bush Housing Group, on a typical one bedroom flat that cost £300k in Fulham( That is overpriced too), the housing association charges as much rent as the mortgage! Its around £500 a month!! and a mortgage for interest only cost roughly the same.I found it wrong that the rent is so high, most people that buy on the share ownership scheme are key workers or young professionals who try to get on the property ladder, how does the housing association expect those leaseholders to buy the rest of the flat if the rent is so high? And in this current climate civil servants and the rest of the working economy expects only inflation pay rises, so practically impossible to save and buy the rest unless a rich uncle leaves you something behind.

Tags: Fulham

Category: Property News