Research revealed today by the National Housing Federation shows that house prices in England have soared by more than three times the rate of salary rises in the past 10 years*.
As a result, it is increasingly difficult for people to enter the housing market and get a foot up on the property ladder.
Please find below a statement from Genie managing director, Steve Hicks, in response to these figures. For more information on the Genie homeownership scheme or for case studies please contact Hannah Davies or Jess Mayhew at Cool Blue Brand Communications on 0191 375 9150.
Genie managing director, Steve Hicks, said: “Despite the huge rise in house prices, homeownership is still a goal for many people in the UK.
“But large deposits combined with the rising cost of renting is preventing would-be-homeowners from saving for a deposit, making owning your own property seem impossible.
“That is why, as a solution to this problem, we have developed Genie - a new homeownership plan which needs no deposit. With Genie, customers can own shares in their home from the start and at the end of the 25-year period own their home outright.
“The fact is the state of our housing market means that we need new solutions to homeownership – with Genie we believe we have found one.”
