Shared Ownership Homes in London
London is one of the world’s most vibrant, varied cities, and it’s unsurprising that properties remain popular with young professionals and families alike. Whether it’s an apartment overlooking the Thames or a new build home in one of the city’s suburbs, London’s properties never fail to attract buyers of all ages and backgrounds.
However, its popularity means that house prices can be expensive, pricing many people out of the market. In 2016, the average cost of a property in the city was over £500,000, meaning many can only rent. Shared ownership schemes in London are designed to help people get on the property ladder, without putting themselves at financial risk.
What is a Shared Ownership Scheme?
In a bid to help people buy a home, many local councils offer the shared ownership scheme. This enables the buyer to purchase a percentage of the property in question, then rent the remainder from the housing association.
There are a lot of advantages to buying a London property using the shared ownership scheme. Costs are greatly reduced, and home-owners can incrementally buy larger percentages of their property until they finally own in outright. Also whilst property values can go down, the overall trend in London is upwards, meaning that the value of the buyers percentage increases, helping them build equity.
To learn more, watch this useful video.
Latest Shared Ownership Developments near London
Are You Eligible for London Shared Ownership Property?
To be eligible for the shared ownership scheme in London, you’ll need to prove that your gross annual income in £90,000 or less, and that you cannot afford to buy a property that’s suitable for your needs.
For a general idea as to whether you’re eligible or not, simply visit the official GOV.UK page. Once you’ve discovered that you’re eligible and you’re ready to explore mortgage options, click here.
New Build Homes in London
Many home-buyers choose to invest in new build properties, as they come with reduced maintenance worries and fewer repair bills. Even better, if you buy a new build in London using the shared ownership scheme, the builder usually covers all repair costs for the first six to 12 months.
If you’re looking for new build homes in London, which are available to buy using the shared ownership scheme, click here. Alternatively, you can start the application process here, or get in touch with the First Steps team (operating in partnership with Share to Buy) for further information.