Shropshire housing association sees staircasing enquires surge by 50 per cent as buyers seek greater security

Platform provides a number of Shared Ownership homes across the county, with the Staircasing route providing the opportunity for buyers to gradually increase their owned share over time up to outright ownership.

Staircasing allows buyers to reach their goal of home ownership over a period time dictated by their financial needs and helps to dispel the common misconception that people remain in Shared Ownership permanently or that the scheme is not an affordable route onto the property ladder.

Shared Ownership allows homeseekers to purchase a share of their home and pay rent on the remaining amount, typically buying between 10 per cent and 75 per cent of the property’s full market value, depending on the model purchased with.

This lowers the amount needed for a deposit, with most deposits on Shared Ownership schemes between five per cent and 10 per cent of the share and not the full amount.

Shared Ownership is increasingly becoming a more popular route towards owning a home outright, with Platform seeing a 179 per cent increase in sales at this stage of the 2024/25 financial year when comparing to the previous year.

Staircasing offers buyers the flexibility to purchase more shares as their income improves and react organically to changes in their circumstances, while reducing their rental payments each month as they increase their share.

This allows homeowners to build equity within a timeframe that suits them and their circumstances, giving them more control over their route to homeownership.

Market conditions may dictate a difference in value from one period of Staircasing to the next, with each increase of equity subject to a valuation from an accredited surveyor to ensure the costs paid are fair and reflective of the current market.

Laura Hathaway, Staircasing and Resales Manager at Platform Home Ownership, said: “The surge in staircasing enquiries we've seen over the last nine months is a reassuring demonstration that home ownership remains a great aspiration for our shared owners.

“72 per cent of our customers staircase to full ownership and 28 per cent staircase on an interim basis, moving them closer to their full ownership goal and financially securing their future.

“We’ve even recently had a buyer, who purchased their first share in their home seven years ago, recently complete staircasing to full ownership. Shared Ownership is a fantastic way for buyers to have more control over their homeownership journey and a more realistic route onto the property ladder for a lot of people.”