With the London housing market often being perceived as a fairly impenetrable force in terms of the prices that even the smallest city apartment tends to carry, shared ownership is the new way to buy a home here that makes first time buyers a priority for the first time in, well, ever. A government scheme that has seen growing popularity and sales soar, shared ownership is here to stay but what does it mean for buyers and why has it seen such success in recent years?
What is Shared Ownership?
If you haven’t already come across the scheme, shared ownership essentially allows you to buy a share in a property while renting the rest from a non-profit housing association. The chunk of which you rent is greatly reduced in tenancy fees as these associations don’t make money from the tenants unlike private landlords in central London and surrounding suburbs that can often charge an extortionate amount and can be overseas buyers that are simply investing in the London housing market. As this has historically priced many people out of the London housing market, shared ownership offers an alternative in allowing you to buy a portion of the house and therefore only pay a deposit on the share you wish to buy. This means the buyer often doesn’t have to put down a huge amount of money to secure the property or apply for a massive mortgage as this only needs to be applied for relative to the share you wish to buy. This reduction in deposit, smaller mortgage and sought after London location makes shared ownership a very appealing deal and is certainly making waves amongst first time buyers.
Where is Shared Ownership located
These homes are often new builds or renovated courts, terraces or mansions and come with bespoke contemporary interior design and some lavish London views with balconies to enjoy them on. Many of these homes are ideal for first time buyers in there 1-3 bedroom layout, communal spaces and landscaped gardens. They are also situated in the heart of young professional, business districts or regenerated areas benefiting from the new cross rail service through London and the commuter amenities that these places offer. From Ebbsfleet Valley in Dartford and its modern garden city layout to artful Croydon with its army of creators to work from homers in Brighton with their morning yoga sessions on the beach and nearby studios, shared ownership is a real wild card for first time buyers that is reopening the London region and welcoming the next generation.
Who provides shared ownership
While there are many housing associations out there that offer the scheme, finding portals that showcase these apartments and houses is also incredibly easy. Connectwithhome.co.uk is a great site to get started with home in West Drayton and Kingston upon Thames for authentic, hearty, London city life. And whether you fancy a room with a view of the meandering waterways or you simply want the convenience of a nearby train station, Connect With homes is a great place to look. For something with a more boujee feel, with the likes of Hammersmith, Kensington and Shepherds Bush to choose from, Be West are the top choice with some fantastic West London properties.
So whether you are looking to make an investment on the London property market yourself or you simply want to settle down in a city apartment you love, shared ownership might just be the thing for you.