THE POWER OF EDUCATION

Homeownership has never been such a topic of debate. No matter where you turn, someone has an opinion − whether it’s forecasting house price changes, talking about mortgage rates or the end of Help to Buy. For a first time buyer, this can make the property market feel like a gloomy place. In fact, when SO Resi surveyed 2,000 18- to 30-year-olds about homeownership, we found that two thirds of respondents knew absolutely nothing about the process of buying, and a fifth hadn’t even heard of affordable housing options such as shared ownership. This rings alarm bells. There is an urgent need for the property industry to do more to educate young millennials and Generation Z, and pull homeownership back within reach. The reality of student debt, the cost of living and the climate crisis means that young people have a greater burden of responsibility than any generation before − so why is there such a mental block when it comes to homeownership? We went back to the schoolroom to find out.

SO Resi launched a brand new education initiative in partnership with A-level students at Fulham

Boys School in February. Our goal was to start the conversation about homeownership as early as possible, and ensure that young people are equipped with the knowledge they need to enter the adult world. And when they are ready to get on the property ladder, whether that’s in one, five or 10 years’ time, they will know how to begin that journey.

We covered everything from the importance of having a home, the difference between renting and buying – and the pros and cons for each – and how schemes like shared ownership can make getting on to the property ladder easier. We challenged the students to start thinking about money and the big purchases in life, like the cost of a deposit, and mortgage repayments.

But our two-session undertaking with Fulham Boys School was just the beginning. We will be using the results to evaluate just how important it is educate on homeownership from a young age. By offering practical education, we want to give young people the best start to life possible. There is no ulterior motive, no profiteering and no sales agenda. We truly believe that when a young person has a safe roof over their heads, everything else falls into place – whether that’s further education, a career or growing a family. Delivering affordable homes through shared ownership is the key to creating this window of opportunity for young people.

Shared ownership itself continues to go from strength to strength. The product is better now than ever before – SO Resi’s longstanding 1% staircasing initiative has been rolled out industrywide, allowing shared owners to buy more shares in their home at an affordable rate; there is a £500 annual repairs guarantee for the first 10 years; and the lease length is 990 years, so you know that your home will be yours for life.

At SO Resi we are continuing to invest in the product, from digitising our service to outreach initiatives, such as the education enterprise with Fulham Boys School.

To find out more about shared ownership or the new homes with SO Resi, visit sharedownership.co.uk