GET ON THE LADDER WITH SO RESI

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Looks At How Shared Ownership Helps First Time Buyers Get On To The Property Ladder

The start of a new year brings with it new resolutions, commitments and, for the property market, a reinvigorated interest as buyers scout out the best offers available for their first home purchase. The economic climate of 2023, however, brings still-elevated interest rates, the loss of Help to Buy and a cost-of-living crisis which is squeezing real incomes. This period of uncertainty for the private market means that the not-for-profit sector, spearheaded by shared ownership, will be key in helping first time buyers who now cannot afford a 10% deposit at full market value.

The end of Help to Buy has been seen by some cynics as leaving a generation of first time buyers without a leg up on to the property ladder. However, shared ownership is able to step in to give a new chance of homeownership for young professionals, families, downsizers or restarters alike, as the average deposit paid in London by a SO Resi buyer was significantly lower than that paid by the average buyer on the private market. While many first time buyers feel that they are stuck renting, with no possibility of owning the property at the end of their tenancy, shared ownership provides an opportunity to own a tangible product, with the opportunity to staircase to 100% ownership as and when they can afford to do so.

As many of us look to become fitter and spend more time outside as spring arrives, green space continues to be high on buyers’ wish lists. Located in one of only two garden cities in the UK, SO Resi Welwyn Garden City offers residents a greener lifestyle with access to open areas, with a focus on wellbeing and sustainability. The Gosling Sports Park sits on our development’s doorstep, offering a dry ski slope, a cycling velodrome, driving range and athletics track to name but a few of its amenities. Furthermore, the two large lakes provide opportunities for residents to enjoy a variety of water sports, ideal for those looking for a slice of adventure.

More than half of the first phase at SO Resi Welwyn Garden City sold within two months of its launch, and we look to release our second wave of apartments in the coming months. We will also be launching our first later-living phase at the site this summer, which will bring another demographic to the area to regeneration project, enjoy the Wheat Quarter comprising of art galleries, restaurants, and a variety of communal spaces, bringing city and country living together. Prices at SO Resi Welwyn Garden City start from £68,750 for a 25% share of a one bedroom apartment with a full market value of £275,000.

Likewise, SO Resi Bracknell is also seeing high levels of interest from local buyers, many of whom are fed up with renting and feeling priced out of these key commuter hotspots. SO Resi Bracknell gives people the opportunity to start their homeownership journey in an area that will benefit from almost £1bn in investment, without the stress of saving an extortionate deposit. All apartments at SO Resi Bracknell have a private balcony or terrace, but if residents want to stretch their legs further, Swinley Forest, which covers over 2,600 acres, is only a 16-minute cycle ride away and offers a range of diverse activities from horse riding to mountain bike trails for residents to enjoy. Prices start from £73,500 for a 30% share in a one bedroom apartment with a full market value of £245,000, with a 5% deposit starting at £3,675.

We believe that 2023 is the year of shared ownership. While the wider market may appear challenging, first time buyers have an exciting opportunity to make the move on to the ladder, and we will continue to support as many people as possible to access homeownership in 2023.

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