In the ever-evolving world of real estate, housing providers and buyers alike are constantly seeking innovative solutions to meet their unique needs. Shared Ownership is becoming an increasingly popular option, offering substantial benefits for both parties involved. However, in the pursuit of affordability and functionality, branding should not be overlooked. We explore why Shared Ownership is a fantastic choice for housing providers and first-time buyers using our latest case study, Parkside, to highlight the pivotal role that branding plays in the realm of affordable housing.
Shared Ownership is a housing scheme that enables buyers to purchase a share (usually between 25% and 75%) of a property, with the option to increase their ownership over time. The remaining portion is owned by a housing association or provider who charges rent on it. This model has garnered significant attention and popularity, and for good reason.
In the fiscal year 2021-22, an impressive 76% of Shared Ownership purchases were made by first-time buyers. This statistic speaks volumes about the appeal of this housing model for those taking their first steps onto the property ladder. Shared Ownership offers affordability, security, and stability to those unable to get on the property ladder conventionally.
While Shared Ownership clearly benefits first-time buyers, it also presents a golden opportunity for housing providers. However, the key to marketing a successful scheme is branding. Shared Ownership schemes are unique in the fact that they tend to be around much longer than traditional developments. The brand needs to be able to flex and survive the test of time as it will be around for as long as the housing provider is responsible for the unowned shares.
Creating a strong brand identity can help housing providers stand out in a crowded marketplace. A well-crafted brand communicates trust and in affordable housing, trust is paramount. Buyers need to have faith in the housing provider's commitment to their long-term goals. Effective branding can build this trust by conveying a sense of responsibility and dedication to the community.
Shared Ownership is not just a lifeline for first-time buyers, it's also a strategic move for housing providers looking to expand their market reach and enhance their reputation. However, it's crucial for housing providers to recognise that branding is not an afterthought but an integral part of their Shared Ownership strategy. By investing in branding that reflects their commitment to affordability, accessibility, and community development, housing providers can maximise the potential of Shared Ownership schemes, ensuring a brighter future for all stakeholders in the world of real estate.
— Khuram Kaur, Assistant Director of Sales, Thrive Homes UK
Our team of experts are dedicated to helping you create compelling brand identities that resonate with your target audience. If you're a housing provider looking to enhance your Shared Ownership strategy and make a lasting impact in the world of real estate, get in touch.