A report has raised concerns about ethnic minorities and Muslim households being locked out of the market.<\/p>\n
Ethnic minorities make up 18% of the UK population but just 10% of homeowners. Muslim households represent 6.5% of the population but only 2.9% of homeowners.<\/p>\n
The report from Wayhome blamed rising house prices, rigid lending criteria, and lack of culturally appropriate financial products on the issue.<\/p>\n
Nigel Purves, co-founder & chief executive of Wayhome, said: \u201cThis report makes one thing clear: homeownership isn\u2019t just a housing issue. It\u2019s a financial inclusion issue. It\u2019s a systemic issue that demands systemic solutions.<\/p>\n
\u201cToo many people who should be able to buy a home are locked out by outdated models that no longer reflect modern Britain.\u201d<\/p>\n
The report is called \u2018Mind the homeownership gap: the socio-economic implications of the UK\u2019s housing crisis\u2019.<\/p>\n
To solve the issue policymakers, investors, and pension schemes should support scalable housing models that prioritise inclusion, the report said.<\/p>\n
Wayhome utilises a \u2018gradual homeownership model\u2019, where buyers gradually purchase their home over time, initially paying rent on the portion they don\u2019t own.<\/p>\n
Some 47% of gradual homeownership homeowners are from ethnic minority backgrounds, compared to 10% nationally.<\/p>\n","protected":false},"excerpt":{"rendered":"
A report has raised concerns about ethnic minorities and Muslim households being locked out of the market. Ethnic minorities make up 18% of the UK population but just 10% of homeowners. Muslim households represent 6.5% of the population but only 2.9% of homeowners. The report from Wayhome blamed rising house prices, rigid lending criteria, and […]<\/p>\n","protected":false},"author":1,"featured_media":351,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n