Housing Association Aster Group has unveiled plans to build 2,800 new shared ownership homes over the next five years.
This would boost its shared ownership portfolio to over 5,000 by 2024.
Amy Nettleton, assistant development director of sales and marketing at Aster Group, said: “First-time buyers face huge challenges when it comes to taking that first step onto the property ladder.
“I have always been a passionate advocate of a tenure that provides high-quality, affordable and secure housing to people in every corner of the country and we know that shared ownership is a viable solution to the UK’s housing crisis.
“This is why we’ve committed to shared ownership continuing to be a key part of our strategy and development pipeline.
“The next step is the industry working together to ensure more people are aware of the benefits this type of tenure can offer.
“With a minimum deposit of 5% this product is suitable for anyone looking to buy a home, whether that is their first or fifth step onto the property ladder.”
Aster Group built 453 shared ownership properties in the year to end of March 2019 which is its highest single-year total for homes of this tenure.
Recent research by Aster also revealed that 62% of shared ownership customers would recommend the product to friends and family.
Nettleton added: “If shared ownership is to reach its potential then more needs to done to bring people on this journey with us.
“Communication is key and we must work together to build the shared ownership brand, simplifying the language we use when talking about the product.
“Only in doing so will we be able to dispel some of the myths that surround this type of tenure and really demonstrate the opportunities it can provide.”
This announcement has been made during Shared Ownership Week which began on the Thursday 19 September and ends on Wednesday 25 September.