AFFORDABLE HOMES
The Renters’ Rights Act is a step in the right direction, but what renters need most of all is a genuine accessible route to homeownership. Esaiyas Mollallegn, Head of Marketing and Sales Operations at SO Resi by Metropolitan Thames Valley, explains why THE ACCESSIBLE ROUTE TO HOMEOWNERSHIP
Esaiyas Mollallegn, SO Resi
Rachelle said, “It’s all the little things with renting that stop it from really feeling like your own – we didn’t feel like we could decorate or put pictures up on the walls for example. But most important for us was providing security for the girls – we both work really hard, and we wanted to set an example for them and show how hard work pays off… Never in a million years did we think that we would be able to buy a house, even with Shared Ownership.” She continued, “We wanted to buy the biggest share that our deposit would allow. It will help to keep the rent down, but more importantly we see this as our forever home and we wanted to invest in it. Our plan is to staircase all the way to 100% ownership, and we hope to buy more shares in the next five to 10 years to make that happen.” If, like Rachelle, you’re tired of renting and ready to put down roots in a home of your own, why not get in touch? The friendly team at SO Resi is here to make your dream of homeownership a reality. Get in touch via our website: sharedownership.co.uk
Shared Ownership has been a lifeline for thousands of renters nationwide who had been dreaming of escaping the rental trap, but couldn’t afford to buy a home outright. It offers a partial ownership in a property, without the need for a large upfront deposit. Designed to bridge the gap between renting and homeownership, buyers typically purchase a share between 10% to 70% of the property with a mortgage, paying reduced rent on the remainder. The model is designed to encourage full ownership of the property at a pace that is realistic and affordable. As such, shared owners can buy more shares in their home at any time – either incrementally at 1% each year, or by larger increments. It’s even possible to increase straight to 100% ownership, and of course, as more property is owned, the amount of rent paid reduces proportionally. Our recent homeowners Rachelle and John Jeffrey found their forever home with Shared Ownership.The couple purchased a three bedroom house at SO Resi Cambourne, a dream home for Rachelle, John and their two daughters. Having always rented, homeownership felt just out of reach.
On the 1 May, the Renters’ Rights Act will come into effect, creating a more stable and certain environment for tenants. In a nutshell, renters will have more protection than ever before. Greater protections from rent increases, evictions and bidding wars, and the flexibility to end their tenancy when they need to, are all fixtures of the new bill. As new research from Benham and Reeves reveals that the average earner in London pays half of their salary (49.5%) towards rent,¹ the Renters’ Rights Act could not come at a better time for tenants hoping to get on to the property ladder in 2026. It’s evident that a person’s housing situation shapes later life outcomes.This means that a tenant’s ability to save while renting can affect future homeownership opportunities, the timing of major life decisions such as starting a family, and where and how they live. Even with stronger protections in place, renters are still dedicating a significant proportion of their income to housing costs. For those starting to consider their long-term plans, including if pivoting to homeownership is genuinely affordable and accessible, Shared Ownership might be the solution.
standard.co.uk/homesandproperty/renting/london- affordable-boroughs-rents-monthly-salaries-b1269469.html
SO Resi Cranleigh Set within The Weald that borders Surrey and Sussex, SO Resi Cranleigh offers a mix of character apartments and maisonettes. Built in the traditional local style, the properties include bay windows, gables and porches, with archetypal contrasting brickwork and roofing. Each home is kitted out with Zanussi white goods, a fitted bathroom and flooring throughout, meaning that buyers can step straight into their fully finished home. Prices start from £28,750 for a 10% share of a one bedroom maisonette (full market value of £287,500).
SO Resi Westgrove Located on a leafy street between Hendon and Finchley, SO Resi Westgrove is a brand new development offering one and two bedroom homes with Shared Ownership. Each home comes with a private balcony or terrace and offers a generous open-plan living space. Prices start from £87,500 for a one bedroom apartment (full market value of £350,000).
52 First Time Buyer April/May 2026
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