The Shared Ownership Trends in 2023
Shared ownership remains a strong market as we head into the back end of 2023. Looking at the most common trends can tell us where people's interests lie and how the market has a role in dictating that. Here's what we know so far:
What Does The Market Tell Us?
It’s not a huge surprise seeing a small downwards trend in share sizes when we consider 10% shares being introduced, the current cost of living and higher interest rates somewhat affecting affordability - find out if your income qualifies you for shared ownership here. Buyers want to make sure they are protected and they have a comfortable buffer. Likewise, with increased interest rates compared to previous years, affordability for the buyers will reduce, meaning they won’t be able to access a larger share.
Overall, we know that shared ownership remains a strong market, with interested buyers. The current market conditions are perfect for shared ownership.
What are the current trends in Shared Ownership?
We’re coming to the end of Quarter 3, and I thought it would be an interesting time to start doing a reflective piece on shared ownership trends that we’ve seen through 2022 and 2023. This is collated from all of our data, approximately 3,500 assessments per month.
Average Share Size:
This appeared to be holding steady throughout last year at approximately 42%, however we have seen a downward trend to 38% this year, starting at the very latter part of last year.
Average Home buyers Income for 2023:
We saw a 10% increase in income, from the first part of 2022 to the second half of 2022. This now appears to be holding steady throughout 2023 at £42,500
Average Home Buyers Deposit for 2023:
We have seen an increase in average deposits going from £18,135 in first half of 2022, to £19,296 in second half of 2022, and currently in 2023 it averages at £21,071. Click here for more information and affordability advice from Emilia.