Shared Ownership in Southwark
Situated in Central London, Southwark is fast becoming one of the capital’s most sought after residential locations, thanks largely to the significant regeneration that’s taken place there recently. Only a mile and a half from Charing Cross and close the Thames, it’s got plenty to offer homebuyers; not least fantastic proximity to the centre of the city.
However, London prices are putting pressure on some people, particularly first-time buyers. Shared ownership schemes are a great way to get on the property ladder without spending a fortune in the process.
Explaining the Shared Ownership Scheme
When you apply for the shared ownership scheme, you effectively agree to purchase a percentage of the house, with the remainder being owned by the local housing association or council. Over time, you’ll have the option to buy the property outright, or alternatively, you can purchase the rest in stages to suit your budget.
There are a lot of benefits to using the shared ownership scheme – not least that it helps you to buy the property that’s right for your family and lifestyle. However, you’ll need to fulfil certain criteria to apply. You can learn more here.
Latest Shared Ownership Developments near Southwark
Do You Qualify for Shared Ownership in Southwark?
There are specific criteria in place for the shared ownership scheme in Southwark. Firstly, your gross annual household income must be below £90,000, and you mustn’t already own an existing property. You’ll also need to prove that you can’t afford a house that meets your specific requirements (for example, a certain number of bedrooms to accommodate your family).
You can find out more on the First Steps website.
Southwark New Homes for Sale
Southwark is a popular area, and as such, there are plenty of excellent new-build developments available. New-builds are often highly sought-after, as they’re regarded as a more reliable, less high-maintenance option, and they usually come with six or twelve month guarantees for added peace of mind.
You can learn more about the options available to you here, or alternatively, get in touch with an advisor at Southwark Council.