New shared ownership homes welcomed by Redditch MP

Prospective homebuyers in Redditch are being offered a new route onto the property ladder through Persimmon Homes South Midlands' Staircase shared ownership scheme at The View.

Chris Bloore MP recently visited the development alongside Daniel Parker, Deputy Managing Director at Persimmon Homes South Midlands, to learn more about the scheme and see the progress being made on site.

The Staircase scheme has been designed to make homeownership more accessible for people who may not be able to buy through a traditional mortgage. Buyers can purchase an initial share of their home, with their deposit based only on the share they are buying, while paying generally below-market rent on the remaining portion of the home.

At The View, shared ownership homes are currently available from £135,000 for a 50 per cent share of the two-bedroom home.

Unlike conventional home buying, homeowners can gradually increase the share they own over time through a process known as "staircasing", purchasing additional shares from as little as one per cent until they eventually own their home outright. As their ownership increases, the amount of rent they pay decreases.

Chris Bloore, MP for Redditch, commented:

"I was pleased to visit The View and see how Persimmon Homes' Staircase scheme is helping prospective homebuyers in Redditch. For many local people and young families, traditional mortgage requirements and the cost of deposits present a barrier to getting onto the property ladder.

The Staircase scheme allows buyers to start with a share they can afford and gradually build ownership over time. This provides a practical route into homeownership. Securing stable housing is vital for our community and I welcome initiatives like this, alongside a genuine mix of affordable housing options, helping more people find a secure place to live.”

Daniel Parker, Deputy Managing Director, Persimmon South Midlands, said: "It was great to welcome Chris to The View and discuss the positive impact shared ownership can have for local people looking to buy a home. Since launching the Staircase scheme we've seen strong interest from buyers who may otherwise have struggled to get onto the housing ladder."