NEW YORK: The shared ownership tenure, which allows people to part-own and part-rent their homes from a housing association with just a 5% deposit, has become increasingly popular over the past few decades.
Devised in the 1980s and originally intended for public sector key workers, the eligibility criteria have gradually been relaxed and were notably expanded in April this year, providing new opportunities for a wider range of people.
This includes professionals in the private sector who, despite earning good salaries (up to £90,000 per household), are still struggling with affordability, and lack the funds needed for a hefty deposit…