RUGBY estate agents Cadman Homes said report findings that there is a housing shortage may appear worrying.
But the Castle Street says they have the solution to Britain’s chronic housing shortage, which is forcing millions of households into rented accommodation as homeowner levels sink to their lowest in nearly a quarter of a century.
Five million aspiring homeowners are being shut out of the housing market in the wake of a decade of declining home ownership, according to a new report by advocacy group the HomeOwners Alliance. It said levels of home ownership are at a 24-year low of 64.7pc, down from a peak of 69.7pc in 2002.
Paula Higgins, chief executive of the HomeOwners Alliance, said: “Buying your first home is no longer a joyful rite of passage for young adults, but returning to being a privilege of elites.
“This decline in homeownership is depriving a generation of the chance to own the roof over their head, shattering their dreams and aspirations. It is preventing millions of people from living the sort of lives they want to.”
The authors warned of adverse social and economic impacts from continued decline, predicting housing benefit for old people will double by 2060as growing numbers enter retirement without owning their home.
The bleak outlook of the report, entitled ‘Death of a Dream’, noted that housing output is at its lowest since the 1920s with around 100,000 homes built every year. According to the Institute for Public Policy Research, this level must reach 250,000 to avert the housing crisis.
A spokesman for the Department for Communities and Local Government said the coalition is tackling the situation. He added: “This Government inherited a paralysed housing market from Labour where the lenders wouldn’t lend, the builders couldn’t build and millions of hard-working, aspiring homebuyers were blocked from taking their next step on the property ladder.”
“One of the most popular solutions to the housing shortage and affordability is shared ownership,” Adam McHenry, head of sales at Cadman Homes said.
“We have always specialised in shared ownership and affordable housing sales, and have sold a large range of affordable housing and shared ownership schemes in recent months as demand for affordable housing increases. For example we were instructed on a small development in Lilbourne, and retained to sell seven units in Bloxham, North Oxfordshire which all sold within one week of marketing,” Adam added.
“We work with several housing associations who instruct us time and time again as they know that we will get the results they want.
“We have even sold properties for developers who have needed to offer other affordable or discounted schemes under ‘Section 106 agreements’ when planning is approved.
“We also understand the ‘Homebuy’ system from a buyer’s point of view and can walk buyers through the whole process arranging specialist mortgages, insurances and solicitors for them,” Adam said.
“Our office numbers are staffed 24/7 so if people work shifts they can still talk to an expert when it suits them. Our clients and buyers are busy people and we have to be there when they need us.”
Telephone Adam on (01788) 560 905 (24/7) or email firstname.lastname@example.org for more information.