The property market’s annual spring bounce is approaching – so has the house hunting season finally arrived for first time buyers? Shared ownership could help you get on the property ladder this spring, says Kevin Sims, Director of SO Resi
As the weather starts to improve and the grey skies of winter finally begin to clear, a change in seasons from winter to spring is always accompanied by an uptick in demand for new homes.
With the start of spring comes renewed economic optimism. New year planning is starting to translate into action, coinciding with an influx of new properties for sale starting to launch on to the market.
With the increase in demand for new homes, we cannot forget that homeownership remains a challenge for many first time buyers. Average house prices are continuing to rise – and are expected to increase by £84,000 over the next five years.¹ For first time buyers who are struggling to get on to the property ladder, whether it’s saving a deposit or securing a large enough mortgage to buy, there is a growing need for more affordable solutions to help bridge the gap between aspiration and reality.
Shared ownership is one such scheme, having helped thousands of first time buyers get on to the property ladder since its launch in the 1980s.
The shared ownership scheme enables buyers to purchase a percentage share of a home between 25% to 75%, rather than paying the full market price, making it easier for buyers who would struggle to buy the property outright. Buyers will then pay a below market rent on the share of the property that they do not own.
An added benefit to shared ownership is that over time, the buyer can increase the percentage of the property that they own. Through a process known as “staircasing”, it’s possible to increase up to 100% ownership if they wish to do so. This process enables first time buyers to buy more shares in their home at their own pace. At SO Resi, we allow buyers the chance to use our SO Resi Plus scheme to purchase an extra 1% share each year to make the staircasing progress simple and achievable for you.
If you are a first time buyer looking to start your homebuying journey this spring, why not speak to the shared ownership experts?
SO Resi is creating new shared ownership homes across London and the South East, including our newest developments below.
Get in touch with us to find out more or book a viewing via sharedownership.co.uk
SO Resi Wembley Park
Starting from £97,500 for a one bedroom apartment (based on a 25% share).
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SO Resi Wembley Way
Starting from £85,625 for a studio apartment (based on a 25% share).
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SO Resi Henley
Designed with comfort in mind, homes at SO Resi Henley-on-Thames are spacious, energy efficient and offer low maintenance, modern living to buyers.
The development is surrounded by green space, just a short walk from the River Thames, with a communal garden, play areas and shops within striking distance. All apartments come with a dedicated space in the parking court, and all ground floor apartments include their own terrace, enclosed by landscaping.
Prices start from £81,250 for a one bedroom apartment (based on a 25% share).
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Explore more in our free magazine: Read Now
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
