April Mathieson, a 33-year-old teacher and mother, opted for shared ownership to purchase a property in Preston, Lancashire, allowing her to be close to her loved ones. Shared ownership involves buying a percentage of a property and paying rent on the remainder, with the opportunity to increase ownership over time through a process called staircasing.

In 2020, April bought her first shared ownership property with a 50% share, later selling it and staircasing to full ownership of her current three-bedroom semi-detached home. She emphasized the importance of her increasing salary in facilitating this transition.

Staircasing involves buying additional shares in the property based on its market value at the time of purchase, with April highlighting the affordability of this process for her. A survey by West Brom Building Society revealed that shared ownership has been instrumental in helping people enter the property market, with many finding it more cost-effective than renting.

While shared ownership offers opportunities for homeownership, it comes with considerations such as annual rent increases, service charges, and responsibility for property maintenance. Despite these factors, more individuals are turning to shared ownership, especially after significant life changes.

For April, shared ownership not only allowed her to return to her hometown but also provided stability and a sense of belonging. She emphasized the ease of the staircasing process and encouraged others to explore shared ownership as a viable homeownership option.

To qualify for shared ownership, individuals need a household income of £80,000 or less, or £90,000 or less in Greater London, and these thresholds apply to all mortgage holders.