SHARED OWNERSHIP
Last year no doubt posed some challenges for first time buyers, but with the prospect of the days now warming up and spring traditionally providing a natural bounce in the property market, we have plenty of reasons to be positive for 2024, says Kevin Sims, Director of Sales and Marketing at SO Resi GET ON TO THE PROPERTY LADDER IN 2024 WITH SHARED OWNERSHIP!
SO Resi Whetstone, Barnet: Perfectly poised in the leafy borough of Barnet with a range of amenities, SO Resi Whetstone has recently welcomed a sales suite to the development last year. With a mixture of one and two bedroom apartments available, all coming with spacious balconies, just seven remain from £100,000 for a 25% share. Properties are only available to those living or working in the borough of Barnet. soresi.co.uk/find-a-property/so-resi-whetstone/
First time buyers have had to combat interest rates, stubborn house prices and the cost-of-living crisis, as well as the cost of renting rising by the fastest rate ever. There is, however, a glimmer of hope this year, with Zoopla forecasting that house prices will continue to fall well into 2024, meaning deposits could be lower alongside decreasing interest rates too¹. Market activity is also set to have a more positive outlook, with mortgage rates predicted to come down. With a General Election looming upon us too, there may be some housing policies introduced with the aim of swaying the younger generation… Our goal at SO Resi is simple; to support as many people on to the property ladder as possible. One way we do this is by providing accessible homes in places which are often unattainable for buyers, often due to a combination of low availability of affordable homes and high house prices. An example of this would be our SO Resi Whetstone development, which has provided 17 one and two bedroom homes in the heart of Barnet. The average price of a property in Whetstone is £727,000 according to property portal Rightmove², which of course is well out of reach for those looking for a starter home. This, coupled with the fact that the average deposit for a first time buyer in London is a whopping £144,500³, makes the prospect of buying at SO Resi Whetstone very attractive, as buyers can put down just a £5,000 deposit to secure a 25% share of a one bedroom apartment – which is much more achievable. Another location we have identified is Farnham in Surrey. Being one of the traditionally more expensive places in the home counties, the average property price here is £557,428 4 – far out of reach for most first time buyers. The area also lacks starter homes, with the majority of homes on offer being detached properties more suited to families, widening the affordability gap here. Offering a fantastic selection of 72
SO Resi Farnham: Located in Surrey, this is an exciting new collection of one and two bedroom apartments, each with an allocated parking spot, within walking distance of the town centre. Farnham station, with services to London Waterloo in an hour, is also a few minutes’ walk away. Brightwells Yard, a shopping centre with a six-screen cinema, is right on the doorstep and there are good schools and attractive open spaces close at hand. Prices start from £67,500 for a 25% share of a one bedroom apartment with a full market value of £270,000 and a deposit of just £3,375. soresi.co.uk/find-a-property/so-resi-farnham/
SO Resi Hendon Waterside: An array of 42 studio, one and two bedroom apartments, and two and three bedroom duplex homes, are all available with shared ownership, with prices from £84,375 for a 25% share. This development forms part of the wider £9.6bn north west London regeneration scheme by Barnet and Brent borough councils, and sits close to the Welsh Harp Reservoir which offers scenic trails, waterside footpaths and green sheltered woods. soresi.co.uk/find-a-property/hendon-waterside/
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. Knowing this benefit is available to our customers throughout their shared ownership journey with us is a huge benefit to the service we offer, and in a cost-of-living crisis, the ability to purchase as little as 1% can make a world of difference in the long term. We have plenty in the pipeline here at SO Resi for 2024, so as usual, watch this space... 1 zoopla.co.uk/discover/property-news/house-price- index/ 2 rightmove.co.uk/house-prices/whetstone-70374.html 3 webuyanyhome.com/london/what-is-the-average-first- time-buyer-deposit-in-london/#:~:text=According%20 to%20Zoopla%2C%20the%20average,down%20a%20 deposit%20of%2033.99%25. 4 rightmove.co.uk/house-prices/farnham.html?page=1
one and two bedroom shared ownership apartments, SO Resi Farnham has been popular with first time buyers and those looking to move to more desirable areas at a fraction of the cost. Buyers here only need to put down a £3,375 deposit for a one bedroom apartment, (5% deposit of a 25% share valued £67,500, full value £270,000). Shared ownership offers buyers flexibility and our homes are designed to fit different circumstances as buyers’ needs change and their finances grow. Staircasing allows buyers to purchase more shares in their homes whenever financially viable, allowing them to own more of their home over time as their budget allows. SO Resi also pioneered the 1% staircasing initiative, which has since been rolled out nationally by the Government.The scheme allows buyers to staircase at a gradual pace by purchasing an additional 1% share each
58 First Time Buyer February/March 2024
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