Feeling like you’ve been priced out of the housing market? It might be time to consider shared ownership – the affordable route to homeownership
Getting on to the property ladder has become increasingly challenging, with a perfect storm of soaring house prices and high mortgage rates forcing four in 10 buyers (41%) to push back their home buying dream by an average of four years¹.
Consequently, many buyers have turned to the private rental market, but with the popularity of London continuing to grow, and the number of private rental homes falling, residents are facing fierce competition to secure a home.
However, even amid the current difficult economic and housing climate, shared ownership remains an affordable route to homeownership for those who have otherwise been priced out of the housing market.
WHY RENT WHEN YOU COULD BUY
One of the biggest misconceptions around shared ownership is that it’s more expensive than renting privately. While both living options have their advantages, monthly payments are generally cheaper through shared ownership (including mortgage, rent and service charge) than if you were to rent privately.
STABILITY AND SECURITY
Contract renewals. Properties being sold mid-tenancy. Sometimes it can feel like you’re at the whim of the landlord. That’s not the case with shared ownership, where you own your share of your home for as long as you desire. As a result, you can expect greater control of your living situation, giving you the freedom to style and invest in your home without the fear of being asked to move.
INVESTMENT FOR THE FUTURE
When you purchase a share of a home through shared ownership, you’re building up equity in a saleable asset each month, providing long-term financial security. You’ll also have the freedom to increase your share as and when your finances allow through a process called staircasing.
By increasing your share, you reduce the amount of rent you pay, and over time you can work towards full ownership of your home. What’s more, the value of your share could increase if the value of the property increases, meaning you’ll have more profit to invest should you decide to sell.
OUR LOCATIONS
SNG has developments across the south of England, from Devon to Essex and plenty in between, including London, so whether you’re looking for city centre living, the balance of the suburbs, or the slower pace of the countryside is calling, we have something for everyone.
EDGWARE PARADE, BARNET
Located in the vibrant town of Edgware, these newly launched one, two and three bedroom apartments each boast a private outdoor space, as well as a fantastic selection of eating, shopping and leisure opportunities on their doorstep. Edgware tube station is only a short walk away, providing regular services to Camden Town and London Waterloo via the Northern Line, giving you great access to everything London has to offer. Additionally, the London Borough of Barnet is currently undergoing a large regeneration programme, ensuring Edgware will be a long-term, highly sought-after postcode to call home.
KNIGHTS QUARTER, WINCHESTER
A collection of one bedroom apartments located 10 minutes’ walk from Winchester’s historic city centre. Spend your weekends browsing independent boutique stores and high street favourites, or explore the vibrant local bar and restaurant scene, all just an hour’s train ride from London Waterloo. Plus, take advantage of our new Deposit Match scheme, only available at Knights Quarter. Simply put down your deposit (minimum of 5% of your share value) and SNG will match it, allowing you to significantly increase your deposit without the need to save for longer*!
To learn more about how SNG can help you unlock your home buying potential visit sng.org.uk
*T&Cs apply
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.
