ADVICE
Ellie Miners is Sales Manager at Park Properties Housing Association (PPHA), part of HSPG. PPHA provides high-quality affordable homes for rent and sale. She has worked in the property industry for more than eight years, previously working on the sale of open market homes before joining PPHA and working with social housing. Ellie is driven by her passion to help people find homes they couldn’t otherwise afford to buy, from first time buyers looking for their first home to couples looking for extra space as their families grow q I am a first time buyer who has been priced out of the market, but shared ownership sounds too
Ellie Miners, Sales Manager, Park Properties Housing Association
you do it your way, to suit your financial situation.There is never any pressure to increase your share if it doesn’t work for you. That’s what makes shared ownership such a great opportunity for so many people looking to get on the property ladder. It’s a way of pulling that ladder down to make homeownership affordable sooner and that’s something I’m so proud to be involved with. Buying a home is a major decision, whatever route you take.When you’re ready, get in touch with PPHA and look at the amazing options we have available, and we can help you
Let’s quickly run through how it works. Shared ownership is where you can buy a portion of a new home, while paying rent on the rest of it. You will have a home that is yours and it is affordable, instead of having to save up for years for a huge deposit.The process is quick and straightforward. Take our four bedroom, detached shared ownership home in Market Drayton as an example. The open market value is £355,000. If you buy a 40% share, you’ll need: • Mortgage: £142,000 • 5% deposit: £7,100 • Monthly mortgage payment on 40% share: £778* • Monthly rent at 2.75%: £489 • Estimated monthly service charge: £60 *(based on 4.9% interest rate) Buying this home on the open market would usually require a minimum 10% deposit of £35,000, therefore shared ownership is a much more accessible and affordable option. We sell through shared ownership specialist agents alongside independent financial advisers who are experts in this field. They can provide help and advice every step of the way, making it a straightforward process throughout. You mentioned staircasing as one of the elements that seems daunting, but it’s nothing to worry about. It’s simply a way you could increase how much of the property you own, over time. It’s a process you are in control of, and we would work with you to help
take the next steps towards having a place of your own.
Next steps
complicated and daunting. Is it really a good option for families like ours who just want to find a home without having to worry about things like staircasing or paying rent and a mortgage at the same time? A This is an excellent question and one we often hear! It’s completely understandable that people can be put off by concepts like shared ownership, as they often don’t understand what it means and what is involved. That’s why it’s my job to inform and reassure first time buyers that shared ownership is nothing to fear. It really is a great opportunity for people who have otherwise been priced out of the housing market to get on to or move up the property ladder. If you’re at the stage of your life where you are ready to buy a house or looking to move, but aren’t able to afford the incredibly high deposits you need to buy on the open market, shared ownership can help you achieve that dream much more quickly and affordably. Shared ownership homes are available all over the country, not just in large towns and cities. Many of the homes we sell through shared ownership are houses in semi-rural locations, in smaller towns and villages, allowing individuals, couples or young families to buy a home in the area they grew up in or want to move to.
At PPHA we provide homes in city suburbs and semi-rural locations, ideal for families looking for the benefits of countryside living.We offer affordable homes from Shropshire to Yorkshire to Gloucestershire to Suffolk, among many other locations. So, if you are looking for help finding your dream home, get in touch with us today. To register your interest please
visit our website ppha.uk or contact us on info@ppha.uk
A selection of our current homes available under shared ownership: Market Drayton, Shropshire: Park Properties
has delivered 37 attractive three and
four bedroom homes for sale through shared ownership, which are available to move into now.
Upper Outwoods, Burton-on-Trent: We will have seven high-quality two bedroom homes for sale through shared ownership coming soon, with the homes ready to move into shortly afterwards. Banbury, Oxfordshire: A stunning collection of 26 shared ownership homes recently launched in a fantastic rural location in Banbury, with plenty of green spaces and easy access to the town centre. Great Dunmow, Essex: We have 22 shared ownership homes located in the heart of this picturesque market town, with some excellent schools nearby.
18 First Time Buyer June/July 2018
February/March 2025
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