Did you know? Around 1 in every 100 households in the UK live in shared ownership homes.
Shared ownership is a housing scheme that allows people to buy a share of a property (usually between 25% and 75%) and pay rent on the remaining share.
Many people believe it is aimed at first-time buyers. However, this is a myth! It is aimed at those who don’t currently own a property and have a household income below a certain threshold.
Many shared ownership schemes do have certain criteria. Here are 3 of the most popular.
- Income: There is usually a maximum Household income of £80,000 a year to be eligible for shared ownership. This threshold can vary based on the region and is typically higher in London due to the higher cost of living.
- Buyer-type Shared ownership is often aimed at first-time buyers, but some exceptions might apply, especially if you are a former homeowner in certain situations, like relationship breakdowns.
- Local Connection: Some housing associations might give priority to applicants with a local connection to the area where the property is located. This could be through work, family, or other circumstances.
The required deposit (usually between 5% and 10% of the share bought) is significantly less than the average deposit of 24% paid by UK first-time buyers, making it an affordable option for home ownership and don’t forget you can buy more shares, which means you will own more of the home and pay less rent on the remaining.
Lancaster has several home ownership schemes which are spread around the city and includes homes on St Georges Quay, Ayrton View in Beaumont and Addenbrook Close at Highgrove. You’ll also find them on the modern housing developments in Halton.
If we can help you buy or sell a part-ownership home, please get in touch. At JDG we are always here to help.
Thanks for reading
Michelle
