In a few short months coronavirus has caused seismic shifts in all our lives. As we look ahead, it now feels like an ideal opportunity to pause, reset and rethink our approach to housing.

The pandemic has reminded us of the value we place on our homes and communities. Our flats and houses have become temporary workplaces and classrooms, and according to a survey of over 1,000 people carried out by Leeds Building Society, 30 per cent of those questioned have discovered a new appreciation for their homes during lockdown.

Encouragingly, it feels as though there is a groundswell in opinion which recognises tackling the UK’s housing shortage and building more affordable properties is the right thing to do. Yet the reality is not everybody has the home they want.

Many people, faced with having to find large deposits, struggle to get a foot on the property ladder. The Shared Ownership scheme, however, has the potential to help many more would-be home buyers.

Operating successfully for four decades, the scheme enables a purchaser to buy a share in a property and pay rent to the owner of the remaining share (usually a Housing Association); with the option to increase their stake later should they wish.

Who chooses shared ownership?

Buying a share in the property requires a smaller deposit, putting purchase within reach for many more aspiring homeowners. Raising awareness and an understanding of the benefits of the scheme could help many more people to buy their own home.

It’s important to remember that deposits are based on the share being purchased, not the overall property value e.g. a £200,000 property, with a 50 per cent share purchased would have a deposit based on £100,000. This can help to make the scheme particularly suitable for first-time buyers, offering an alternative to typical residential purchase using a higher-LTV mortgage.

In order to be eligible for the scheme, the customer must typically be an FTB and have a household income of less than £80,000 (£90,000 in London).

Most properties that are purchased under Shared Ownership are new build. but there is a market for existing Shared Ownership properties being re-sold too.

Despite its success, Shared Ownership remains underused and the sector is keen to dispel myths and misunderstandings among prospective purchasers, especially as it’s now open to more customer groups than ever before – although they may now know it.

Increased intermediary support could help to bring the tenure truly into the mainstream for homebuyers – advising clients on the best mortgage options for their personal circumstances offers an opportunity to consider shared ownership during that process, rather than as an afterthought when more ‘conventional’ options have been exhausted.

Similarly, intermediaries’ professional expertise in arranging and explaining financing offers additional reassurance to home buyers who may feel less confident because of the apparent complexity of Shared Ownership purchase.

Building the country out of a downturn

In the recent past rises in wages have not kept pace with the increase in property prices. It’s clear that we need more innovative solutions that allow us to deliver more affordable homes, as well as the mortgage products that help borrowers.

Now seems like the perfect time to consider what we can do to make products such as Shared Ownership grow in popularity. In doing so we could reframe the market for many FTBs, opening up more opportunities and helping to regenerate parts of the UK and create more diverse communities.

As thoughts start to turn to recovery, the government has signalled its intention to ‘build, build, build’ the country out of a downturn. It makes sense to seize this momentum and put homes at the heart of the economic recovery, creating jobs and boosting supply.

It isn’t enough, however, to simply build homes; we need to look at the bigger picture and ensure we are addressing need. Taking a more holistic approach means we can consider the types of properties our communities need long-term, and if we are building enough affordable homes in the right locations. This will create a society fit for the future.

There is also an opportunity to take another look at the thousands of neglected, empty homes in locations up and down the UK. Why not consider how we can bring these homes back into use and improve supply more sustainably?

Taking this opportunity to start thinking more flexibly about ways to work together could make a real change to address housing need across every part of the country. Harnessing this momentum to put in place a blueprint for the future could mean many more will be able to afford the home they want.

Martese Carton, head of intermediary distribution, Leeds Building Society