David Hnyda is the Group Sales & Marketing Director for the Development and Regeneration team at leading UK social enterprise, Places for People. With an impressive 15 years’ experience in property sales and marketing, David has previously led Sales and Marketing teams at Taylor Wimpey, Crest Nicholson, and Countryside. His strong passion for providing affordable homeownership and creating thriving communities positions David as an excellent authority to discuss shared ownership and emphasise the importance of ensuring the customer journey is the best in the business.
Q: I am a first time buyer wanting to get on to the property ladder, what options are available to me?
A: The end of the Help to Buy scheme created a feeling of restriction among first time buyers as their options to get on the property ladder appeared to become more limited; however, this isn’t the case. Step up shared ownership, a Government-backed scheme and one of the best tools currently available to first time buyers. The scheme allows you to buy a 10% to 75% share (depending on the development) of the property’s full market value and then pay rent on the remaining share. Now you’re probably thinking this means you’ll need a bigger deposit… think again! Using shared ownership, you may be able to purchase with as little as a 5% deposit, which is based on the share you buy, not the full property price. So, your deposit is smaller and quicker to save up, making it a much more flexible way for people to take their first step onto the property ladder sooner than they might think.
Q: Now this all sounds great for first time buyers but what about people who are on the property ladder and want to take their next step, a young family for example who are growing and need more space?
A: Well, shared ownership is available to anyone as long as they meet the eligibility criteria, including upsizers and downsizers. Once you are settled in your new home and as time goes on, you may look to increase your share in your home. Usually, you can buy more shares in your home, as finances permit, allowing you to increase your ownership and reduce your rent. This is known as “staircasing.”
Q: While shared ownership means that a brand new home is within more people’s reach, as with any home you must still do your research and decide on your budget.
A: By using an Independent Financial Adviser, you will be given expert advice about what you can comfortably afford to repay each month, taking into account the rent portion you will pay on the remaining share of the property. Your mortgage consultant will also be able to support you through the homebuying process from start to finish, dealing with the required paperwork and fees you will need to pay.
Q: At Places for People, we have a wide range of developments offering shared ownership and have been building well-designed, integrated communities for over 50 years.
A: Our highly trained sales teams offer expert advice to help you decide what is right for you and effortlessly move you through the homebuying process. We offer everything from one-bedroom apartments to four-bedroom houses, all designed with modern living in mind. There are so many homes to choose from, so step onto the property ladder with shared ownership and start living life your way!
Places for People Shared Ownership Developments
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