Affordable Housing - Shared Equity / Shared Ownership

Halifax has produced a survey which evalues affordable housing options in England since 2007. The information was gathered from Tenant Services and the local Government.

45,000 new homes have been built within the bracket of affordable housing schemes. In 2006/07, 5% of houses being built were part of the affordable housing schemes. In 2009/10 it's up 8% to 13%.

The affordable housing schemes include shared ownership and equity support options being provided by house builders and the local Government. This support has made owning a property possible for buyers unable to find the minimum deposits or who can't afford the repayments on the full mortgage.

The price of properties has declined in recent years as a result of the recession however the property prices are still too expensive for most first time buyers to afford. The support to create affordable housing supports local businesses and house builders alike, not to mention the first time buyers themselves.

Some shared equity schemes are paying as much as 40% of the property value upfront, leaving the house buyer to obtain a mortgage for the remaining 60%. The 40% loan within the shared equity scheme usually lasts for 10 years - by which time the property value should have increased and your mortgage will have been paid for 10 years.

New Building Projects Show Worrying Signs

The building industry has been one of the worst affected from the recession and most construction that is currently taking place is for houses which have already been bought or have a mortgage ready for them prior to them been started.


New construction in East Riding of 260 new homes of which Goole will have 101, however concerns have been raised because only 7 of them in  in will be classified as "affordable".


In 2007 Planning guidelines stated that 15 homes or more had to contain 40% of affordable house however these new houses would mean that these targets would not be met. It is because of a loophole that Goole is able to build these properties without violating the guidelines. The plans were initially accepted before the guidelines were created in 2007.


The East Riding council have announced their plans to build 330 homes with further funding to build another 150 more in the future.