First-time buyers (FTBs) are increasingly turning to shared ownership to get on the property ladder, according to recent data from Leeds Building Society (LBS).

Over the last three years, the number of society borrowers in the South East increased from 23% in 2019, to 28% in 2021, while in the East Midlands, the number increased from 8% in 2019, to 10% in 2021 and from 7% to 9% in the West Midlands.

“Shared ownership offers FTBs in particular, an opportunity to step onto the property ladder, as it’s a way to bring down the size of the deposit they will need,” says LBS director of mortgage distribution Martese Carton.

“London has traditionally been associated with shared ownership due to its high property prices, but it’s interesting to see homebuyers in other regions taking advantage of the scheme and demonstrates how it has the potential to help us bring home ownership within reach of more people in areas across the UK.”

Levels of LBS shared ownership buying in greater London has remained steady, according to LBS, up at 13% over the last three years, while levels in the North West and Yorkshire fell, from 12% to 8% and from 6% to 5% respectively.

On average, three out of five shared ownership purchases over the last three years were in UK regions outside London and the South East.

According to a House of Commons library report published in December, shared ownership is still not a “widespread” tenure.

There were 202,000 households living under a shared ownership structure in England when the report was published, representing less than 1% of all households.

Largely, demand remains highest where unaffordability is rife – primarily in the south of England.