Traditionally, summer has been perceived as a slow period for home movers, says Kevin Sims, Director of SO Resi. In reality, it’s one of the busiest times of the year as families look into making a move before their children have to return to school.
Traditionally, summer has been perceived as a slow period for home movers. In reality, it’s one of the busiest times of the year. With families looking to move before the return to school and longer daylight hours making viewings easier, the housing market remains active. In fact, in August 2024, house prices hit a two-year high.
Rising house prices are one of the biggest challenges for first time buyers. Fortunately, buying schemes like Shared Ownership are helping to bring the dream of homeownership back within reach.
Through Shared Ownership, buyers can purchase a percentage share of a property – typically between 10% to 75% of its full market value – instead of buying the property outright. This makes it easier for first time buyers who may struggle to afford to otherwise buy a property, either due to the challenges of saving a deposit, or being unable to secure a mortgage large enough to afford the home.
Alongside paying the mortgage on the part of the property that they own, shared owners will then pay a below-market rent on the remaining value of the property. When you buy more shares in your home, the amount that is paid in rent decreases proportionally. This process of buying more shares is known as “staircasing”.
Over time, buyers can incrementally increase how much of the property they own, all the way to 100% ownership if they wish. Additional shares can be purchased in large or small increments, including as low as 1% with our SO Resi Plus Scheme, which enables buyers to buy 1% shares each year with no fees.
For first time buyers looking to get on the housing ladder this summer and are seeking help, why not get in touch with the Shared Ownership experts at SO Resi?
SO Resi is working on new Shared Ownership homes across desirable locations in London and the South East, including the developments featured below.
Get in touch with us to find out more or book a viewing via sharedownership.co.uk
SO Resi Wembley
SO Resi offers a selection of Shared Ownership homes at two schemes in Wembley – SO Resi Wembley Park and SO Resi Wembley Way.
Wembley has become one of London’s most sought-after locations for first time buyers, since its transformation into a shopping, cultural and entertainment destination. Located near the stadium, OVO Arena and Boxpark, the two developments provide a lifestyle situated in a cultural hotspot with excellent transport links. The properties at SO Resi Wembley Park and SO Resi Wembley Way have been designed with an open-plan layout, with each home benefiting from a private balcony, alongside shared communal gardens.
SO Resi Wembley Park
Starting from £97,500 for a one bedroom apartment (based on a 25% share).
soresi.co.uk/so-resi-wembley-park
SO Resi Wembley Way
Starting from £85,625 for a studio apartment (based on a 25% share).
soresi.co.uk/find-a-property/so-resi-wembley-way
SO Resi Cranleigh
Situated in Surrey, SO Resi Cranleigh is a peaceful village offering a balanced lifestyle combining the countryside and urban convenience, with great transport links to Guildford, Horsham and London. The development is surrounded by the scenic views of the Surrey Hills, the waters of the Wey and Arun Canal, and the green spaces of Cranleigh Common and Snoxhall Fields. Additionally, the high street provides a variety of shops, cafes, restaurants and pubs to explore.
Each home at SO Resi Cranleigh has been stylishly designed and beautifully decorated, with bright and airy modern living spaces, so you’ll come back home to a relaxed and calm environment.
Prices start from £71,875 for a one bedroom maisonette (based on a 25% share).
soresi.co.uk/find-a-property/so-resi-cranleigh
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.
