New homes provider Bromford is marking Shared Ownership Week (September 25th - October 1st) by shining a light on some of the most widely-believed myths around the scheme and setting the record straight.

The housing association, which provides Shared Ownership homes across Central and South West England including in Worcestershire, is helping to dispel these misconceptions and raise awareness of what continues to emerge as an achievable route onto the property ladder.

Bromford Shared Ownership gives first-time buyers and those who do not currently own a property the opportunity to secure a new build home with Bromford. Homebuyers pay a mortgage on the share they own, and pay rent on the remaining share, meaning a smaller deposit is required.

Then, when the time is right, where the lease allows, the homeowners can purchase more shares through a process called staircasing, gradually increasing their ownership of their home.

Catherine Jarrett, Director of Sales and Marketing at Bromford, said: “Shared Ownership continues to prove to be the method of choice for more and more people when attempting to get onto or climb the property ladder.

“Despite this, misinformation and myths still obscure the scheme's various benefits. We hope that by addressing these misconceptions many will understand the importance of Shared Ownership and how it can be an accessible route to owning a home for those who may otherwise not have been able to.”

Here are Bromford's top Shared Ownership myths:

Shared Ownership means I have to share my home with strangers

A lot of people hear the word “shared” and assume that this means they'll be living with someone else and sharing ownership of the property with another person who also has equity in the home. This is not the case.

Shared Ownership is an affordable way to buy a home, where the prospective homeowner will buy a share of their chosen home, while the remaining share will be owned by Bromford. No one else will be able to buy shares of that chosen home.

Shared Ownership means I can't decorate the way I want to

It simply isn't true that because home seekers don't own 100 per cent of a Bromford home that they won't be able be able to decorate freely. When you buy a Shared Ownership home, the new homeowner will be allowed to paint, hang wallpaper, and personalise the home to their own tastes, if you do want to make any structural changes, you would need to seek permission from Bromford.

However, if moving into a new build, Bromford do recommend waiting a year before doing any decorating to allow the home time to settle. 

I can't have pets in my Shared Ownership home 

It's a commonly held belief that homeowners can't have pets in their new homes because they're still renting a share of their home and rental properties can have strict rules regarding pets. But, pets are welcome in Bromford Shared Ownership properties.

You can only purchase a certain type of home

With Bromford Shared Ownership, there are many different types of home that are accessible to fit the needs of the buyer.

Across its numerous developments, Bromford provides Shared Ownership on terraced, semi-detached and detached homes ranging from two-bedrooms to four-bedroom, as well as one-, two-, and three-bedroom apartments.

It's only for first-time buyers

Shared Ownership provides an affordable route onto the property ladder for many different purchasers, not just first-time buyers.

Bromford's Shared Ownership customers come from all backgrounds, including those creating a new household (for example after a relationship breakdown), existing Shared Ownership customers and those who have owned outright in the past but for whom it is now no longer financially viable.

To see the full eligibility criteria, please visit www.gov.uk/shared-ownership-scheme/who-can-apply.

You'll never own your home outright

With Bromford Shared Ownership, the homeowner can gradually increase the share of their home they own, all the way up to 100 per cent ownership if the lease of the property allows.

This process is known as staircasing, and it allows the home buyer to budget at their own pace, meaning they can increase their owned stake as they see fit.

In 2023/24, of the 101 customers that staircased in their homes, 80 staircased to 100 per cent ownership – just over 79 per cent.

You can't sell your Shared Ownership home

Many believe those using Shared Ownership cannot sell their home unless they have staircased up to 100 per cent, but this is not the case.

With Bromford Shared Ownership, sellers are allowed to instruct an estate agent of their choice to sell both their share and Bromford's share on the open market.

This allows for an easier selling process, meaning you can sell your Shared Ownership property more quickly.

For a breakdown of frequently asked questions about Shared Ownership at Bromford, visit https://www.bromfordhomes.co.uk/home-ownership-hub/looking-for-a-home/looking-for-a-home-faqs.

Bromford is part of the national shared ownership campaign supported by the National Housing Federation. The campaign to raise awareness of shared ownership, supported by almost 50 organisations. For more information, please visit https://www.housing.org.uk/our-work/affordable-home-ownership/shared-ownership/. 

For more information on homes available in through Bromford Shared Ownership, please contact the sales team on sales@bromford.co.uk, or visit https://www.bromfordhomes.co.uk/.  

 -ENDS-

NOTES TO EDITORS: 

Bromford is one of the largest housing associations (HA) in the country. Providing both open-market property and affordable homes for people who are unable to access market housing, the HA owns more than 45,000 homes spread across Central and South West England.

For further information or for PR enquiries about Bromford Shared Ownership, please contact Ryan Clayton on 0116 247 1777 / ryan@unsworthsugden.co.uk and Hannah Elwell on 07968095235/ hannah@unsworthsugden.co.uk.