Statement on Shelter news report ’12 years for a family to save for a mortgage’ from Genie

Responding to the Shelter report issued today Steve Hicks, Managing Director of Genie, said:

“Genie Home Purchase Plan was devised precisely to help families, long-term renters and first-time buyers onto the housing ladder as it does not require a mortgage or deposit.”

“The news from Shelter that it will take a young family 12 years to save for their first home isn’t a surprise to us. Our research – and the demand for Genie – has demonstrated to us that saving for a mortgage, while also renting and paying day-to-day living costs, is almost impossible for many.”

“Shelter is right to highlight this issue as there is an increasing gap between those who are renting and those who are able to own their own home.”

“More affordable homes need to be built and schemes, such as Genie, which offer an innovative way to buy a home, should be adopted in addition to the traditional mortgage.”

“Genie’s £40m investment by the Greater London Authority demonstrates that more people are opening up to the massive advantages of innovation in the housing market.”