Cambridge has once again been ranked the most expensive city outside of London to buy a home, according to data from Zoopla. For first time buyers seeking a more affordable alternative in the East of England, many are looking to urban hubs outside of the city, such as Cambourne.
Located just nine miles west of Cambridge, Cambourne remains within easy access of the city thanks to the upcoming East West Rail’s new link, which will offer train services back into Cambridge in just 15 minutes. A ‘planned town’ that was first conceived in 1994, Cambourne is now the largest settlement in South Cambridgeshire. Behind the latest offering of homes in the town is SO Resi, who is creating a selection of new family homes available for purchase through Shared Ownership at SO Resi Cambourne.
SO Resi recently released a rare collection of just 11 four bedroom townhouses in its ‘Sheepfold’ phase, available from £52,500 for a 10% share [full market value: £525,000].
Built in the warm golden-coloured brick that is emblematic of Cambridgeshire’s traditional architecture, these homes are set across three floors and are ideally proportioned for growing families. Each townhouse is designed with separate living and kitchen-dining rooms to the ground floor, creating dedicated family spaces, while on the first floor are three good-sized rooms, and a larger primary bedroom with an ensuite to the top floor.
Kevin Sims, Director of SO Resi, comments: “Cambridgeshire is one of the most exciting places to live and work in the UK – it’s a major employment hub, particularly for research and innovation, and is characterised by living history and world-class education. However, living in such a place comes with a hefty price tag, and more and more we are finding that young families and first-time buyers are being unable to afford to buy homes where they rent and work. This next generation of homeowners is the lifeblood of the housing market, but risk being priced out of homeownership altogether without access to affordable housing options.
“Shared Ownership, which allows buyers to purchase a percentage share of a property, is a much more accessible route onto the property ladder in Cambridgeshire. Buyers who may otherwise be unable to put down a large deposit or secure enough lending to take out a mortgage to purchase the entire value of the property, will be able to use Shared Ownership to afford a home of their own.”
Shared Ownership works by offering buyers the chance to purchase a percentage share of a home, typically between 10-75%. Buyers need only put down a five per cent deposit on the share that they are purchasing, and can increase their stake in their home over time through a process called ‘Staircasing’.
To ensure that Shared Ownership homes at Sheepfold are available to the people that need them most, the scheme is limited to households with a maximum annual income of £80,000. Residents that reserve a qualifying home before the 31st October will also be eligible for SO Resi’s move in for Christmas incentive, which offers £2,500 towards their moving costs.
Thousands of people have purchased their home using Shared Ownership since it was launched in the 1980s, including more than 199 households at SO Resi Cambourne.
Located nearby to SO Resi Cambourne’s Sheepfold phase are four good primary schools, all of which feed into Cambourne Village College, an Ofsted outstanding-rated secondary school. Local travel links continue to improve, with East West Rail’s new link from Cambourne expected to cut travel to Cambridge to just 15 minutes, and onward services reach London King’s Cross in just over one hour.
Cambridgeshire has attracted significant investment from the Government, charging local growth in the East of England’s economy. Major employers in innovation and the life sciences are attracted to this regional investment hub, while the city of Cambridge continues to offer world-class education and career opportunities.
Prices for homes currently available at SO Resi Cambourne’s Sheepfold phase start from £52,500 for a 10% share of a four-bedroom townhouse with a full market value of £525,000.
To find out more, visit www.soresi.co.uk or call 020 8607 0550.
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.
