January Content Feed

Buy-to-let market still viable

With average rents rising across the United Kingdom, and rife competition in the mortgage sector creating attractive buy-to-let rates, it is evident that the public rental sector still has plenty of life left in it for both would-be and portfolio landlords.

Recent analysis from HomeLet has shown that average rents across the UK have increased by 3.2% - outstripping the increases in house prices throughout 2019 and showing that there are still strong returns available for savvy landlords. Excluding London, the average rent stands at £784 pcm – with the average rent in the capital city double that at £1,665pcm.

David Alexander, joint managing director of apropos, said: “There is still money to be made in the private rented sector and being a landlord can provide a reasonable income and a healthy pension. But landlords need to be more savvy to make it work and much more pro-active than in the past.”

“You must ensure your finances are arranged as efficiently as possible, that your costs are reduced to the minimum, and that your margins are as good as they can be.”

HomeLet data has shown rents increases across the whole of the United Kingdom, with Wales leading the way;

 

Region	Nov-19	Nov-18	Annual Variation
Wales	£630	£599	5.2%
Yorkshire & Humberside	£652	£623	4.7%
Northern Ireland	£667	£639	4.4%
Scotland	£664	£635	4.6%
North East	£540	£517	4.4%
North West	£721	£694	3.9%
Greater London	£1,648	£1,597	3.2%
East Midlands	£642	£625	2.7%
South East	£1,013	£989	2.4%
South West	£838	£819	2.3%
East of England	£917	£898	2.1%
West Midlands	£701	£688	1.9%
UK	£947	£918	3.2%

Design trends to look out for in 2020

We’re moving into a new decade, and so the last thing that you want is for your home to look dated. Throughout 2019 we have seen some extreme trends in interior design; from the embracing of industrial elements to the resurgence of entirely neutral spaces. We have taken a look at what to expect this year and how to get ahead with your design aesthetic, whatever your budget.

1. Colour makes a comeback
One of the key trends this decade has been that of neutral spaces with a few accent pieces to liven up the décor, however this year one of the main inclinations in design will be towards colour; bolder, brighter and braver! Rebecca Breslin, Wayfair Professional design manager, is calling for an end of “Greige, grey and all neutral everything without texture or visual interest” and therefore if you are looking for a change this year then start by adding colour into your home – burnt oranges and deep blues are set to be en vogue throughout the whole year.

2. Paper set to tear up the market
A feature wall has been the mainstay of every makeover show and glossy magazine before-and-after shoot since the early naughties, however 2020 is set to end this fad. Rather than a singular wall that is adorned with wallpaper, we are going to see all four walls covered with paper – in line with the brighter aesthetic of 2020. Wallpaper has seen something of a renaissance over the past decade, with designs from Gucci and Dior all the way through to stick-and-peel examples flooding the marketplace, and this isn’t set to end this year. If you want to experiment, then start with smaller spaces such as studies, toilets and guest bedrooms where patterns will seem less overwhelming.

3. Cabinet shake-up
The crisp, white kitchens that have been an enduring design staple over the last decade are set to move into retirement in 2020, with colour making its way back into the heart of the home. Kitchen cabinets, more specifically, are to become a real focus in kitchen design – therefore if you are looking to stay on-trend then think about rejuvenating your cabinets. Navy blue matte cabinets with vintage gold handles will transform your aesthetic immediately and mixes the traditional and vintage visuals that are set to be all the rage this year.

4. Give art a start
In these modern days of mass production and consumerism, vintage art and antiques are making a huge comeback due to the perceived one-of-a-kind nature of the objects and that they possess their own unique story. If you are looking to make small changes to your home that make it chic, then adding some select pieces of art is a great start – adding pieces to your kitchen walls will add particular interest to an otherwise utilitarian space.

5. Soften the edges
Throughout the 2010s, chicness has often been related to strong lines, sharp edges and minimalism, however as we move into the next decade this is set to be turned on its head for an altogether softer look. As well as a nod to 30s glamour (think metallics such as silver and gold, as well as scalloped seating) curves and fluid shapes are set to be popular this year; from circular side tables to rounded-edge sofas.

It takes just 8 minutes to decide on a home

As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.

In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not and six in ten adults will also choose not to buy a property based on the condition of the exterior of the property, without even needing to view the inside.

In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.

This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert.

75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.

The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.

For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.

Some viewers take issue with a sellers lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.

Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture or issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room which preventing the buyer’s imagination from running wild led to over a third of buyers to back out of a purchase.

The list showcases the importance of sprucing up your home, both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property, so ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.

Local first-time buyers set for 30% discount

In the Queen’s speech it has been announced that the Government has pledged to provide more support to first time buyers to get onto the property ladder. They have announced that a scheme, named First Homes, will be created to provide local people who are yet to buy a home, a whopping 30% discount off purchasing their first property. This significant reduction could result in new local buyers saving tens of thousands of pounds.

In her speech, the Queen said, “my Government will take steps to support home ownership, including making homes available at a discount for local first-time buyers”. The motivation behind the scheme is to enable local people a fairer chance at owning property in the increasingly competitive market; with current competition from overseas buyers and investors steadily invading the market. This will drastically improve the affordability of homes for the average working person which provides a glimmer of hope for their home ownership pursuit.

According to the Monevator, “over the past 30 years house prices have risen nationally by 428%; with London house prices rising by an average by 559%”. Whilst this does not take inflation into consideration, it is easy to interpret that wages have not risen at the same accelerated rate during this time making it difficult for the average working person to save a large enough deposit to buy a home. Considering this, it is fair to say that the introduction of a 30% discount scheme would be welcomed by all and will enable a stronger sense of community. This is because the scheme names ‘key workers’ as part of those that it will target; recognising and offering support to those who contribute to their community.

This scheme seems to be a replacement for the recently closed to new applicants Help to Buy ISA, with further focus on helping first time buyers. To enable the First Homes scheme to function, councils will be able to use contributions from housing developers to facilitate the discounts.

The First Homes scheme should not be viewed as taking away from these other areas, as the Government has also pledged to rejuvenate the Affordable Homes Programme and Shared Ownership Programme so that they can also deliver on their promises. An overhaul of the rental system to make it fit for contemporary society and will strengthen the rights of tenants has also been discussed.

The Queens speech has delivered some promising news to start 2020, but the success of the First Homes scheme will be truly measured by its detailed workings in practice. At present, the specifics of who counts as ‘local’ to qualify for the scheme is unclear (such as does someone have to live, where do they have to work, and how long for?). Despite the lack of detail, it is safe to say is that the Government clearly want to give back to the community to continue its growth and prevent homes being left empty in this time of growing demand.

Property market predictions for 2020

Now that 2019 is over, it is time to look to the year ahead and what is expected to be a strong year for property. Now that there is a majority government and uncertainty around Brexit seems to be assuaged, the outlook for 2020 is strong – read on to see what’s in store.

2019 proved to be a year of resilience for the property market, with prices maintaining steady growth, and a resurgence in the first-time buyer market evident for all to see.

The first key factor in property and the wider general economy for 2020 is, of course, Brexit. With the Prime Minister’s Brexit deal now passed by MPs, the UK is due to leave the EU at the end of the month with a withdrawal agreement – effectively meaning there will be a transition period as the UK truly cuts its European ties until 31st December this year. For property, this means additional certainty – with a majority government and a conclusion to the Brexit saga, buyers and sellers who have been hesitant to enter the market are predicted to jump in, creating something of a surge.

Kate Faulkner, housing expert and founder of propertychecklists.co.uk, says: ‘One of the things that has held the market back over the last 12 months is the uncertainty of Brexit and latterly the election.

‘Now both of these questions are settled and as people have ‘hung on’ for some time, it is likely there will be a bit of a Brexit bounce in activity at the start of 2020. As a result, I would expect more people to put properties up for sale and more buyers coming into the market. In some areas this may result in a short term rise in prices as people compete for quality properties in good locations which are likely to still remain in short supply.’

Widely predicted to be announced next month, the government’s Budget statement will have a steer on the property market for both sales and lettings. We have already had an idea of what is in store thanks to the Queen’s speech in which there were allusions to a stamp duty surcharge to overseas buyers, first-time buyer incentives and further lettings legislation reforms. With the Budget predicted to be announced in February, this could be a catalyst to further spring activity in the property market.

In terms of the lettings market, 2019 proved to be a key year with new legislation introduced, most notably the Tenant Fee Act. Throughout last year we saw the demand for rental properties growing, however the supply being somewhat limited which presented landlords with the ideal opportunity, as long as they are adhere to the new legislation.

David Cox, chief executive of ARLA Propertymark, said “Looking ahead to 2020, we hope the Government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for landlords. This will encourage more landlords back into the market as well as ensure that tenants, including those who are most vulnerable, are not at a disadvantage in being able to find a suitable and affordable home to rent.”

Another key player in the health of the property market this year will be mortgage rates – in 2019 we saw record levels of first-time buyer mortgages thanks to a greater selection of available mortgages and rife competition amongst lenders. If we see these favourable rates continue this year, then the first-time buyer sector can be expected to endure and potentially even grow thanks to the forecast influx of available properties, providing more choice.

Overall, 2020 is set to be a more fruitful year for property thanks to the greater levels of political stability and the continuing favourable mortgage rates and saving schemes.

How good was 2019 for borrowers?

It might be easy to assume that the property market experienced a deeply difficult 2019, what with the seemingly unending political upheaval only recently subsiding thanks to December’s general election. But with increasing numbers of first-time buyers and continued high-demand for rental properties, it’s clear that there have been positive signs for those wishing to complete transactions, and nowhere has that been more apparent than for borrowers.

A most competitive market
Fierce competition between lenders has resulted in falling rates across all loan-to-value levels, which has certainly caused a headache for providers such as AA, Secure Trust Bank and Sainsbury’s. Indeed, all three lenders exited the sector during the course of 2019, but the increased competition has provided borrowers with a raft of options at competitive prices.

Exciting rates on offer
Two-year and five-year average fixed mortgage rates have seen notable falls throughout the year, with the former decreasing from 2.69% in January to 2.59% in November for 95% loan-to-value (LTV) rates and the latter dropping from 3.37% to 2.75% in the same timeframe. Interestingly, the lowest average rate across the year for both came as the year drew to a close.

Is now the time to enter the market?
Whether you’re looking to seal a home or merely remortgage your current property, it’s clear from the market’s health this year that conditions are positive for lending. Those looking to apply for a mortgage will benefit from competitive rates and will have options aplenty, whilst those looking to remortgage can also reap the rewards of the market’s current position.

For instance, anyone who took out a two-year fixed rate mortgage in December 2019 at what was then an average rate of 2.35% would benefit from a new average rate of 4.89%, according to data provided by Moneyfacts.co.uk. This would provide anyone with a £100,000 repayment mortgage over a 25-year term with a repayment close to £130.

Preparing your property for sale in 2020

Time to pack up the decorations, take down the tree and munch down the rest of those leftovers; Christmas is over and 2020 is here! If you’re preparing to sell your property in the New Year, then you might be feeling a little overwhelmed at the amount of work your home requires before taking it to market. But don’t fret; we’re here with a list of top tips to help get you ready to show off your property.

How to nail the first impression
Almost all of the people with an interest in your property will get their first glimpse of what your home can offer in the form of pictures, either in an agent’s window or online. Not only that, but some buyers will drive by your abode to scope out its location and get a feel for it from the outside. With that in mind, making sure your home is visually appealing and attractive will be your biggest priority in preparation for listing.

With that in mind, we’d strongly consider that you take the following into consideration:

• Clean your windows – it’ll be easy to notice if you haven’t!
• Give your front door a lick of paint to freshen it up and make your entrance feel more welcoming, along with a new doormat if yours is looking a little tired
• Tidy up your entrance hall of any post and flyers
• Clear out weeds from your paths and tidy your garden
• Make space on your driveway for visitors to park
• Be honest – hiding less-than desirable features under blankets won’t help you as potential buyers will see defects when they view your home

Upping your Presentation
The above tips will certainly help to give your property a tidier feel, which is key; an organised home can give buyers a vital opportunity to picture how they will fit into the living space. But if you want to present your home in its best possible light, then consider how you present your home.

• Declutter – a simple suggestion but one that can have a massive impact. Removing large bulky items from view, if only temporarily will have a massive effect
• Let in the light – keep the curtains open, windows clean and any natural sources of light clear to give your home as bright a feel as possible
• A warm place – make sure all rooms are heated prior to viewings, even those you don’t use often
• Bathroom spaces – keep your bathroom and toilets clean, free of mould and tidy, and make sure your toiletries are kept to a minimum.

Time-consuming as it may seem, keeping your home tidy, organised and welcoming will put you in good stead for when those viewings start. Remember; visitors need to imagine themselves in your home!

Property prices forecast to rise in 2020

There is much to look forward to in 2020, if we take Rightmove’s recent forecasts for the property market into account. Rightmove is predicting the average price of a property will increase by 2% on average, with further increases in the north of the country up to 4%.

Since the EU referendum in 2016, the political landscape in the United Kingdom has been somewhat volatile, with multiple general elections and unpredictable market conditions. With a majority government in power, and the Prime Minister’s Brexit deal now underway, it appears that the first quarter of the year is set for a surge of market activity.

During the instability of 2019, both buyers and sellers have been hesitant to enter the property market, therefore now that we are moving towards a more certain period an influx of properties is expected.

Rightmove director Miles Shipside welcomed the certainty produced by the election landslide. “The greater certainty afforded by a majority government gives an opportunity for a more active spring moving season, with some release of several years of pent-up demand.”

He added: “There will be regional variations. London is finally showing tentative signs of bottoming out, and we expect a more modest price rise of 1% in all of the southern regions where buyer affordability remains most stretched. In contrast, the largest increases will be in the more northerly regions, repeating the pattern of 2019 with increases in the range of 2% to 4%.”

In the four days after the election, Rightmove traffic surged by 28% when compared to the same time last year showing how much of an effect that stability can have. Experts are calling this period the “Boris Bounce” and is expected to maintain into the spring months.

Section 21 evictions

2019 was filled with talks of abolishing Section 21 “no fault” evictions. The Government initially announced the abolition in April 2019, which was followed by a consultation process from July to October 2019. With the political uncertainty throughout the year that has recently settled, the Queens speech has confirmed that the abolition proposal is still intended as we move forward into the new year.

What exactly is a Section 21 eviction?
Included in the Housing Act 1988, Section 21 is the recovery of possession on expiry or termination of assured short hold tenancy. This essentially allows landlords to evict tenants from their properties with two months’ notice, without any reason given.

Why is this being abolished?
The ability that landlords have to evict any tenants without reason has been argued to have negative effects on tenants’ well-being and cause huge disruption to their lives. This can disrupt the lives of good tenants who may have done nothing wrong in relation to their tenancy agreement. It can also be extremely unsettling families who may have children settled in local schools and communities.

What impact will the abolition have for tenants?
The abolition of section 21 of the Housing Act 1988 will provide some protection for tenants by assuring them that their tenancy agreements will be upheld for the duration of their contracts. This is providing that they do not breach this. The abolition is a positive step for tenants; especially families who are renting on a long-term basis as it reassures them that their housing requirements are met allowing families to settle.

What impact will the abolition have for landlords?
It could leave landlords vulnerable to tenants who may abuse their home, leaving them with less power to regain possession of their property and making this process longer. Without an updated alternative provision to support landlords to protect their property, it could deter them from offering their property on the rental market. This could contribute to further demand for rental property, but with a reducing supply; driving rental asking prices to increase. To address this, the Government has proposed to strengthen Section 8 of the Act, which allows eviction due to the tenancy agreement being broken. This would ensure that the landlords needs are also protected with effective channels for them to use in the event of undesirable circumstances.

The Policy Director for the Residential Landlords Associations explained that it is crucial to also reform the way repossessions take place to avoid a rental crisis. A new system is required for landlords as well as tenants so that it is fair market for all. There must continue to be a lawful procedure to protect landlords in legitimate circumstances such as anti -social behavior, and tenant rent arrears.

Tips for buyers and sellers looking to move

It’s the start of a brand new year in the market, with buyers and sellers alike preparing to fulfil their New Year’s Resolutions and make their move. Market conditions appear to have stabilised after December’s general election brought with it a majority Conservative Government, but what can you do to give yourself the best chance of a successful transaction? Read our top tips for Buyers and Sellers below.

BUYERS TIPS

Research, Research, Research
As clichéd as it sounds, buyers who prepare sufficiently are more likely to end up with a better deal for the home they’re looking for. Once you’ve made the decision to begin house hunting, look into sale and listing prices for properties in the local areas that you’re interested in; this will give you a rough guide as to how much you can expect to spend.

Prepare your mortgage
If you’re house hunting in a competitive area where properties are quickly snapped up, then getting a mortgage agreement in principle will give you an advantage when you find the property that you want. Having your finances in order and prepared can save time and prove invaluable if the home you want is likely to generate significant local interest.

Survey the house
Once you’ve had your offer accepted, carry out a survey of the house to flag up any major issues or elements of the property that require attention, such as urgent defects or structural concerns. Depending on the age of the building, you could find yourself a wildly fluctuating amount of work to carry out, especially if previous owners have neglected its upkeep. Either way, a survey will provide valuable piece of mind in any outcome.

SELLERS TIPS

Research, Research, Research
Preparation is key for sellers, too! Make sure you know your property’s true value before it’s listed; carry out a full appraisal of your home with a trusted agent and not just an instant valuation to get a clear idea of what your property is worth. Inviting valuers into your home can also provide you a fresh set of eyes which can be useful in flagging up any existing issues or reminding you of a few flaws that could require attention before going to market, too.

Find ways to add more value
If you’re looking for ways to add more worth to your property, then carrying out home improvement projects will certainly aid you. These can be relatively simple tasks, such as installing double glazing or adding extra insulation to your loft, or bigger jobs such as renovating your kitchen. Whilst the cost associated with these projects may be off-putting, it will pay off when it comes to increasing your home’s value.

Declutter and organise
Take a look at each room in your house and you’ll likely find a few easy ways of decluttering and making extra space. This is vital for the viewing process as potential buyers need to be able to picture themselves living in this space, and in some rooms it’s as easy as clearing a few worktops or mantelpieces.

In today’s market, preparation really is key whether you’re buying or selling. Carry out your market research, get your finances and paperwork and make sure you utilise a knowledgeable and local agent to help you through the process.

What to consider when becoming a landlord

The process of becoming a Buy-to-Let landlord may not seem straightforward, with a complex set of regulations understandably a deterrent for investors and letters looking to jump into the market. But a look beyond the paperwork and red tape provides clear benefits for anyone wishing to invest and let out their own property in 2020.

The benefits are there to reaped, however; BTL mortgage rates fell in the third quarter of 2019, with the interest on both two-year and five-year fixed loans both cheaper for buyers; £144 less than it was in June for the former and an attractive £324 cheaper than 12 months ago for the latter, respectively.

Lenders are keen to massage the market and offer lower rates in an effort to encourage landlords both old and new back to market due to tighter rules and fears over the effect that Brexit could have on house prices. But caution must still be preached, as you’ll find in our tips below:

Invest carefully
It might seem obvious, but your rental income has to be enough to pay your buy-to-let mortgage. Lenders will use stress rates to help to calculate affordability, which covers the following aspects; the ability of a landlord to pay a higher rate of interest on the borrowed money, the cover ratio of interest, minimum income requirements and the rental cover rate.

With this in mind, researching in your local area is vital. Using the nation’s capital as an example, London Money broker Catherine Beaumont offers the following advice: “Research the area in which you are investing. Currently for many properties in London, the rental income isn’t enough to service the mortgage.”

Stamp duty also comes into the equation, with the purchase of a second property incurring a charge of 3%. This must all be taken into account when it comes to choosing to invest.

Tax breaks will soften financial blows
Whilst the aforementioned stamp duty charge, designed to stall the market and make buyers reconsider their purchases, has acted as a deterrent to some due to the requirement of a larger outlay of cash, there is some relief for potential and current landlords in the form of tax breaks.

“Repairs, service charges, utilities paid by the landlord, and letting agent fees are all claimable against your taxes,” advises Gorge Parker, assistant manager at Blick Rothenburg. “Likewise, the cost of replacing items, such as sofas, beds, tables and any moveable items, is allowable, but, importantly for first-time landlords, the initial outlay on new items is not.”

Thankfully, cuts to mortgage interest tax relief will occur in 2020, with a 20% income tax deduction added instead.

To go fully managed or go solo?
This is always a big question for first-time landlords and a huge factor can be the time you have available to manage your rental property. Many taking their first steps into letting a property may benefit from hiring an agent to manage their home and deal with the tenant directly while others living closer to the property in question may be perfectly placed to manage things themselves.

“For a fully managed service expect to pay between 8 per cent and 20 per cent of the rental income plus VAT,” offers Jeni Brown, sales director for Mortgages for Business. “In my experience, the fee feels very expensive until you have an issue, and then the ability to leave it to the agent becomes priceless.”
Weigh up your options; if you cannot afford the cost of a fully-managed letting service then you need confidence in your rental agreements and plans with your tenants to make sure you don’t miss out on any mortgage payments.

As with taking any big step in the property market, the key is to property educate yourself prior to making a decision about becoming a Buy-to-Let landlord. Research your local options, get the lowdown on the local market, get your finances in order and if you have tenants ready to move in, make sure you’re prepared to deal with any potential bumps in the road.

Young people and shared ownership

With the wealth of options out there to help people onto the property market, it is no surprise that the number of first-time buyers has steadily been increasing, with numbers currently at an 11-year high. However, outside of the government’s Help to Buy scheme, it seems that young people do not understand their other purchasing options – chiefly that of shared ownership.

What is shared ownership?

Research carried out from YouGov found that although three quarters of people in the UK have indeed heard of ‘shared ownership’, only 40% of 18 to 24-year olds were aware of the scheme. Furthermore, of that 40%, half of them revealed that they had no knowledge of shared ownership whatsoever, other than having heard of the name.

The scheme explained

Aimed mainly at first-time buyers, The Shared ownership scheme is a cross between buying and renting. Essentially, you buy a share of the home – between a quarter and three quarters – and rent the remainder at a reduced rate, with the option to buy a bigger share in the property at a later date. All shared ownership homes in England are offered on a leasehold basis, and the majority are newly built; however, there are some properties which are being re-sold by housing associations. At its core, the scheme is intended to help first-time buyers onto the market, but those who earn a household income (combined) of less than £80,000 or are renting a council/housing association property can also buy through the scheme.

A viable option?

Many of those questioned in the YouGov survey thought that shared ownership meant quite literally sharing the property purchase with friends, family or a partner. When the scheme had been properly explained, almost a quarter of the 18 to 24 year olds stated that they would be “very likely” or “fairly likely” to use the initiative in the future, the highest out of all of the age groups questioned – showing that the scheme appeals directly to the target market, with just the awareness of the scheme limiting participation numbers.

“Shared ownership as a method of purchasing has been around since the 1970s and offers a realistic way of getting onto the property ladder. It’s a proven formula that helps people secure a home, even where a traditional mortgage is not affordable, and its longevity is testament to its success,” said Jaedon Green, director of product and distribution at Leeds Building Society.

“The method is becoming increasingly popular for first time buyers as it reduces the need for a significant deposit, which can be difficult for some to manage. The scheme also permits first time buyers to combine it with a Lifetime ISA, maximising any deposit,” he noted.

Awareness limiting efficacy

The YouGov research has shone a light on the fact that almost a quarter of those aged 24 or under would consider shared ownership as a way to purchase property, once they fully understood what the scheme consisted of. With so many potential buyers being put-off from buying a property simply due to lack of awareness it is clear that the onus is now on educating the wider public, and specifically 18 to 24 year olds, to the benefits of the scheme in order to continue to grow first-time buyer numbers and support the property market as a whole.