"The method is popular with first-time buyers as it can reduce the size of deposit required, which can be a major barrier for many people."
In 2008, single buyers made up 55% of the Society’s shared ownership borrowers, with couples representing 45%. A decade later, mortgages with more than one borrower now account for 65% of its shared ownership customers, while single people make up 35%.
Matt Bartle, director of products at Leeds Building Society, said: “Shared ownership as a method of purchasing has been around for 40 years and offers a different way of getting onto the property ladder. It’s a proven approach that helps people secure a home, even where a traditional mortgage is not an option, and the initiative’s longevity is testament to its success.
“At Leeds Building Society we’ve been supporting shared ownership for more than 30 years and are committed to helping those less well served by the wider mortgage market.
“The method is popular with first-time buyers as it can reduce the size of deposit required, which can be a major barrier for many people. A deposit is required only on the share of the property being purchased, providing greater flexibility and reducing the time it takes to save for a deposit.
“We have the seen changes in the customer demographic using shared ownership in the last 10 years, with couples looking for their first home now making up the majority of our new borrowers.”
