Shared Ownership: Unlocking door to new home

New research from Leeds Building Society reveals that buying a home with Shared Ownership is a more affordable long-term solution compared to renting in 93 per cent of areas across the country (over the course of 10 years).

The same data reveals that in the same period of time, shared owners in London are up to £42,000 better off than if they were renting privately.

Shared Ownership is one of London’s most significant home-buying schemes, helping priced-out homebuyers purchase a home in the capital.

For those looking to get on the property ladder in South London – where house prices currently sit at an average of £596,361 1 – Shared Ownership is key to unlocking homeownership.

Shared Ownership is one of the longest-running home-buying schemes, having been set up in the 1980s. It allows home-buyers, including but not limited to first time buyers, to purchase a percentage share in a property that they could not otherwise afford to buy outright.

Typically, shares start from 10 per cent and go up to 75 per cent, with buyers generally securing a mortgage on the portion they are buying, while paying a below market rate rent on the remainder.

Many buyers struggle with the upfront costs of buying a home, including putting down a deposit. Taking the average priced home in South London, a 10 per cent deposit could begin from £59,000.

With Shared Ownership, buyers can put down as low as a 5 per cent deposit on the portion that they are buying, which could work out to be significantly more affordable.

SO Resi is selling new homes with Shared Ownership across South London, including at its SO Resi Sutton development.

Located in the town centre, within walking distance of Sutton railway station, this collection of three-bedroom apartments has been built with convenience in mind.

Each home comes fully decorated with a fitted bathroom, kitchen with integrated appliances including a fridge-freezer and dishwasher, fitted wardrobes to the master bedroom, and underfloor heating throughout – with individual room thermostats.

Plus, there’s allocated secure parking for all homes. Buying with SO Resi means that your new home is ready for you to walk into, as we’ve done all the hard work for you.

Example prices at SO Resi Sutton start from £108,750 for a 25 per cent share of a three-bedroom apartment (full market value £435,000). Based on this example pricing, this home could be yours with a five per cent
deposit of £5,437.50.

To find out more about the homes available at SO Resi Sutton, visit www.sharedownership.co.uk.

(Picture: Swift Aspect)