Where is shared ownership most in demand?
A leading affordable property website has revealed their top 5 areas for shared ownership property enquiries. It may be a surprise to you.
Location, Location, Location and Equity Shares
The Government introduced shared ownership under the HomeBuy banner in 2009. Unsurprisingly, as the UK’s housing crisis deepens, the demand for shared ownership has vastly increased.
With the incentive to help people onto the property ladder, shared ownership works by reducing the costs of buying your home. Typically, you buy 25-75% ownership of a property. The remaining share is owned by a housing association.
Each month you pay a combination of mortgage and rent. You will have the option to purchase more of the property as your finances increase over time. Eventually, you could own the property outright.
Shared Ownership is a great alternative for those who had been stuck in the house share scenario previously. Many shared ownership mortgages are much more achievable.
Success rates for the schemes vary throughout the UK. But here are the areas that are in high demand.
Moving Soon’s Top 5 areas for shared ownership houses
Bedfordshire’s a shared ownership hot spot
Shefford is a small town in Bedfordshire. We reviewed house prices in the area to consider why an equity scheme would be beneficial.
According to Rightmove data (January 2018), the average house price in Shefford is around £332,144. If you were to apply for an 80% mortgage against the value, you would require a deposit of £66,428. Considering the figures, you can see how social housing is an appealing alternative. Especially when you add in the additional costs associated with buying a property.
Get ahead of the property game
Thankfully, there are a number of active new developments creating more shared ownership housing in Shefford currently. However, considering the statistics, you should act fast to ensure you don’t miss out. The advice of Stonewater Homes, a local provider is to “register & apply with Help to Buy East & South East for eligibility approval”. It would also be a good time to review your savings account and get your affordable deposit in place.
Want to know more about shared ownership homes in your area?
If you are interested in shared ownership or any other affordable housing scheme start your search on our site. There is also advice and further information on schemes and eligibility on the Government’s Helptobuy site.
Please search for shared ownership properties here saying you saw them on MovingSoon.