SHARED OWNERSHIP SPECALISTS GIVE YOUNG PEOPLE THE KEYS TO HOME OWNERSHIP THROUGH EDUCATION PILOT

After research by SO Resi revealed that two thirds of respondents knew absolutely nothing about the process of buying a home, and a fifth hadn’t even heard of affordable housing options such as shared ownership[1], the shared ownership provider has launched an education scheme in partnership with Sixth Form students at Fulham Boys School.

The two-day initiative recently took place offering immersive educational talks designed to provide pupils with the knowledge and information needed to set them on the path to homeownership. As ‘Housing Futures’ research reveals that over three quarters of young people say that decision-makers must start thinking more about the needs of young people when it comes to housing policies,[2] SO Resi’s goal is 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. At the start of the year, Rishi Sunak outlined his education plans to help young people ‘build a better future’ with suggestions such as studying Maths in some form until the age of 18. SO Resi believes that as homeownership will affect most people at some part of their lives, practical education about housing options should be included.

Over the course of two days, sessions included a host of practical and immersive education talks. Topics included: the route to homeownership, the importance of owning a home, and affordable housing schemes such as shared ownership. Students were also encouraged to think actively about their personal finance choices, and what finances contribute to buying a property, to help them start thinking about their savings goals now.

Esaiyas Mollallegn, Head of Marketing at SO Resi, comments: “There is an urgent need for young people to be educated on homeownership, particularly as the affordability landscape becomes increasingly difficult with the rising cost of living, student debt, and high mortgage rates. We want to be able to give Generation Z the best start in life possible and make sure they have enough knowledge to make the right choices. With over 59% of young people thinking they will have to move away from where they live now to be able to afford a home[3], we hope shared ownership will give young people the autonomy of living where they want to – not just where they can afford.”

Esaiyas continues: “In schools, we spend a lot of time learning about algebra, poetry, and the periodic table, but in real life, the biggest purchase most people will make is a home. One fifth of people not having heard of shared ownership is staggering and as the most trusted shared ownership provider in the country, we feel it is our duty to educate the next generation on all housing options, including shared ownership, so they have all the information possible when it’s the right time. Delivering affordable homes through shared ownership is the key to creating a window of opportunity for young people and at SO Resi, we are working hard to make this possible - making people’s dreams of home ownership a reality.”

To find out more about SO Resi and shared ownership, please visit: www.soresi.co.uk.  

[1] https://www.mtvh.co.uk/news/new-mtvh-report-reveals-housing-crisis-is-damaging-young-peoples-mental-health/

[2] Ibid

[3] Ibid