First time buyers can look forward to schemes like shared ownership, in 2025 and beyond, as an accessible means of getting on to the property ladder – says Kevin Sims, Director of SO Resi.
The delivery of the Government’s pledge to build 1.5 million new homes over the next five years will involve overcoming a number of hurdles from policy changes and planning reforms to concerns over the costof- living crisis. Wider concerns about housing and affordability will no doubt be an essential feature of the Government’s plans for the country. In the midst of this complexity however, we cannot risk overlooking those who are new to the conversation – first time buyers.
Recent research from Halifax has revealed that over half of under-35s currently don’t feel confident in the homebuying process, lacking awareness of all the options available to them. This is understandable. With more and more young people finding themselves in the rental market for long periods of time, looking for alternative options might seem challenging. Luckily, shared ownership is a brilliant way to assist first time buyers to make the first step on to the property ladder without the stress of unachievable deposit prices and eye-wateringly large mortgages.
Having seen exceptional success during recent years, especially during the cost-of-living crisis, shared ownership is an accessible way for first time buyers to move on to the property ladder. The scheme allows buyers to buy a percentage share of a home – usually between 25% and 75% – rather than purchasing the entire property at the full market value. Buyers then pay the housebuilder a monthly rental fee on the percentage that they do not own, at below market rate.
A huge benefit to shared ownership is that it is possible to increase your ownership over time to eventually own 100% of the property, through a process known as staircasing. This means that first time buyers can have the peace of mind that they can comfortably sustain their mortgage payments on the percentage of the property that they own, gradually increasing their ownership of the home at a manageable rate that suits them. At SO Resi, we give buyers the opportunity to use our SO Resi Plus scheme to purchase an additional one per cent share annually, which streamlines the staircasing process into an easy and manageable process.
SO RESI CRANLEIGH
Located in a village setting amid the backdrop of the Surrey Hills Area of Outstanding Natural Beauty, SO Resi Cranleigh offers a laid-back lifestyle at an affordable price point for young professionals and families. One bedroom apartments and two bedroom houses start from £85,000 (25% share).
soresi.co.uk/find-a-property/so-resi-cranleigh
SO RESI HENLEY ON-THAMES
Comprising 43 one and two bedroom apartments in the centre of the historic riverside market town, prices start from £82,500 (25% share) for a one bedroom apartment. All apartments here come with a dedicated car space in the parking court, and all the ground floor apartments include their own terrace area enclosed with landscaping. soresi.co.uk/find-a-property/so-resi-henley-on-thames
SO RESI CANNING TOWN
SO Resi Canning Town is part of an exciting new development that is bringing one, two and three bedroom new homes, shops and a linear park. The development is located opposite Canning Town station, which is served by fast transport links and connects back into the city via the DLR and Jubilee Line. Prices start from £96,125 for a 25% share.
soresi.co.uk/find-a-property/so-resi-canning-town
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.
