TIME TO TAKE YOUR SHARE!

We may be living in troubled times, but there’s no need to give up on your homeownership dreams, says Kevin

Marketing at SO

Resi

First time buyers are not having an easy ride at the moment. Interest rates are climbing fast, inflation and the cost-ofliving crisis are taking a toll, and the cost of renting has risen by the fastest rate ever – up 17.8% in the past year in London and 12.3% in the rest of the UK according to the Hometrack UK Rental Market Report.

The Help to Buy: Equity Loan scheme, which helped so many first time buyers on to the housing ladder, closed for good at the end of last year, and many savers are discovering that house prices have risen so much that modest homes are now beyond the reach of the Help to Buy ISA and, in London, even the Lifetime ISA. One scheme, however, is still available and thriving – shared ownership.

The greatest benefit of shared ownership, a Government-backed scheme that has been running for over four decades, is that it offers qualifying buyers a chance to make a move right now, with only a fraction of the deposit requirements of buying on the private market. So, rather than sitting around glued to the financial reports and wondering which way house prices and interest rates are going to go next, first time buyers can buy a portion of a home now, and pay a controlled rent on the rest. In time, if they wish, they can buy more of the home until eventually they own it outright.

There’s a perception that shared ownership is only available on city apartments, but there’s a wide range of homes available, from one bedroom apartments to family houses, around the country. Our SO Resi shared ownership brand has launched new developments at Bracknell, Farnham and Welwyn Garden City – commuter hotspots where buyers can enjoy a great quality of life while still being in easy reach of London.

SO Resi Welwyn Garden City, Hertfordshire, is a development of one, two and three bedroom apartments on the site of the former Shredded Wheat factory, which attracts buyers for both the surrounding green spaces and the 29-minute rail journey into central London. You can buy a 25% share of a one bedroom apartment here with just a £3,500

Sims, Director of Sales and

deposit, and a combined monthly mortgage and rental cost of just under £1,000 – less than most similar rental properties in the area. The development has proven popular with buyers, with SO Resi receiving almost 1,000 enquiries in the first three weeks since its launch.

SO Resi Bracknell, in Berkshire, has also proved popular, with all the apartments in phase one being reserved on the launch weekend. Bracknell, a regeneration area which is seeing investment of almost a billion pounds into its local economy, including schools, shops and leisure facilities, has been tipped by the Evening Standard as an “ultra-resilient property hotspot”. The one and two bedroom apartments are within a short walking distance of Bracknell railway station, which has services to Reading in 15 minutes and London Waterloo in an hour. Prices start from £73,500 for a 30% share of a one bedroom apartment with a full market value of £245,000, requiring just a £3,675 deposit.

SO Resi Farnham, in Surrey, is an exciting new collection of one and two bedroom apartments, each with an allocated parking spot, within walking distance of the town centre. Farnham station, with services to London Waterloo in an hour, is also a few minutes’ walk away. Brightwells Yard, a shopping centre with a six-screen cinema, is right on the doorstep and there are good schools and attractive open spaces close at hand. Prices start from £67,500 for a 25% share of a one bedroom apartment with a full market value of £270,000 and a deposit of just £3,375.

Shared ownership is not another here-today-gone-tomorrow incentive, it’s a tried and tested way to help buyers with an income of less than £80,000 (£90,000 in London) find a place of their own – so what are you waiting for?

To nd out more about shared ownership or the new homes with SO Resi, visit sharedownership.co.uk