AFFORDABLE HOMES
With a lower deposit requirement, and a number of shared ownership homes being released in desirable areas this year, 2025 is the year of the first time buyer, says Kevin Sims, Director of SO Resi IS 2025 THE YEAR TO SECURE YOUR FIRST HOME WITH SHARED OWNERSHIP?
seek to reduce work from home days. This will only continue, and as such, we need to ensure that young people can afford to buy their own home close to their place of work. With shared ownership, our deposits can start from just over £4,000 – or the equivalent to about two months’ rent in some areas of London. This is a far more achievable amount for young people to save, and will give them the security of owning a piece of their own home. Buyers can also make use of staircasing, which is a brilliant way to continue along the journey to full homeownership. It’s possible to buy additional shares at any time, but at SO Resi we offer the SO Resi Plus scheme, which was pioneered by us and has now been rolled
a deposit and subsequently buying their home. The London property market is tipped to perform well in 2025, following recent years of staggering house price growth and eye-watering rents, although we must note that on the open market, house prices are still far out of reach for most young people. New data reveals that it will take a single buyer in London more than nine years to save for a 15% deposit of £65,471.³ This is unacceptable but demonstrates why more affordable homebuying schemes such as shared ownership are needed now more than ever before. Young professionals are flocking back into London, as companies demand more face time with their employees and
Rightmove is predicting that 2025 is set to be a “buyer’s market”, in part driven by forecasts that average mortgage rates are expected to fall to around 4% by the end of next year. ¹ In another boost to first time buyers, in December 2024, the average number of available homes was at its highest in 10 years for this time of year, which means plenty of choice to find your dream home.² At SO Resi, we are kickstarting 2025 with a flurry of new launches in London.We are pleased to offer not only shared ownership, but a select number of homes available through London Living Rent and our pioneering SO Flexi offering, which allows our customers to rent at a reduced market rate while saving for
Kevin Sims, Director, SO Resi
out nationally. The scheme allows buyers to staircase at a gradual pace by purchasing an additional one per cent share each year, which can be done at the touch of a button with no solicitors needed, making the ultimate goal of homeownership that little bit more achievable. nancialreporter.co.uk/2025-is-set-to-be- a-buyers-market-rightmove.html nancialreporter.co.uk/2025-is-set-to-be- a-buyers-market-rightmove.html introducertoday.co.uk/breaking- news/2024/11/rst-time-buyers-need- seven-years-to-save-15-deposit
SO Resi Wembley Park & SO Resi Wembley Way Located at the heart of north west London’s latest cultural destination, SO Resi Wembley Park offers 79 one, two and three bedroom homes set across two landmark buildings. Prices start from £97,500 for a 25% share in a one bedroom apartment (full market value: £390,000). Meanwhile, at SO Resi Wembley Way, SO Resi has partnered with Pinnacle Spaces to offer 63 studio, one, two and three bedroom apartments, each with a private balcony. Apartments start from £85,625 for a 25% share in a studio (FMV: £342,500).
SO Resi Peckham Old Kent Road is undergoing a £10bn regeneration project over the next 20 years, which will see an inux of 20,000 new homes, a new town centre, more than 10,000 new jobs created, two new primary schools and three new tube stations on the Bakerloo Line. SO Resi Peckham will offer 81 shared ownership homes alongside 32 homes available using SO Flexi. Prices TBC.
SO Resi Clapham Park Award-winning SO Resi Clapham Park puts community at its heart. The next phase will be released this winter, with 21 one to three bedroom homes available through shared ownership.
soresi.co.uk/so-resi-wembley-park soresi.co.uk/nd-a-property/so-resi-wembley-way
soresi.co.uk/nd-a-property/so-resi-clapham-park
soresi.co.uk/nd-a-property/so-resi-peckham
70 First Time Buyer February/March 2025
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