What is shared ownership & how does It help me?
Updated: May 20, 2019
Shared Ownership homes allow a purchaser to buy an initial share in a new home at a level that can be afforded, offering you a route to home-ownership in manageable stages. We work with a Housing Association who will offer initial shares of between 25% - 75% of the full purchase price. You pay a subsidised rent on the remaining share that the Housing Association retain ownership of. The combined monthly cost of mortgage and rent will normally be substantially less than if you were purchasing the property outright.
In the future you can simply sell your share for its value at the time or alternatively you can purchase further shares in your home.
With most properties you are eventually able to own the property outright if you wish to, although there are some restrictions on rural schemes.
We are currently working with Southway Housing Trust to deliver one of very few shared ownership schemes in Altrincham Town Centre on New Street. We have been heavily involved within the renaissance of Altrincham Town Centre, however this has only increased the capital values in the Town. Undoubtedly a good thing for existing residents, but an increasing struggle for those looking to move into the area or first time buyers wishing to stay. The average house price is c.170% higher than the North West average.
Elsewhere in Hale, we are bringing forward a scheme in partnership with Trafford Council, providing a 55% mix of affordable homes. Hale is widely recognised as one of the most expensive areas outside of London, and c.300% higher than the regional average. This scheme in Brown Street is a high quality contemporary development, on a brownfield site. It is expected to meet the demand of buyers would simply cannot afford to stay in the Town. More details on this can be found here.