AFFORDABLE HOMES
IS SHARED OWNERSHIP THE KEY TO LIVING IN YOUR DREAM LOCATION?
You could be in your first home by Christmas, thanks to a number of shared ownership homes being released in affluent areas in the Home Counties, says Kevin Sims, Director of Sales and Marketing at SO Resi
can secure a smaller mortgage, with a lower deposit, while paying below-market rent on the remainder. As an award-winning provider of shared ownership, SO Resi’s aim is to allow all types of buyers to take a step on to the property ladder, with the long-term goal of staircasing to 100% ownership. Our newest development, SO Resi Henley-on-Thames, which launched over the summer, comprises 43 one and two bedroom apartments all available on the shared ownership scheme. Prices here start from £82,500 (25% share) for a one bedroom apartment in the heart of Henley-on-Thames, offering a rare chance of a deposit below £10,000 to live in the Oxfordshire town. We also have three schemes live in Surrey – famously the most expensive county to live in the UK² – SO Resi Oxshott, SO Resi Cranleigh and SO Resi Farnham. Just a handful of shared ownership homes remain for sale in Cranleigh and Oxshott,
Earlier this year, The Times reported that only one in eight first time buyers can afford to live in their local area ¹. This statistic is not wholly surprising, following years of rising house prices and unstable mortgage rates for those looking to get on the property ladder. With that being said, if the shortage of starter homes persists, we risk failing a whole generation of young people who simply cannot afford to buy a home where they live. The high costs of private renting pose a serious issue for first time buyers, as it is extremely difficult to build up a suitable deposit. Private renting also in turn pushes house prices up, creating an endless cycle of high costs. This is where shared ownership can come into play, as it combats two huge barriers in the property market – expensive house prices and unachievable deposits.This is because the scheme allows buyers to buy a percentage share of a home, rather than the full market value.This means buyers
Kevin Sims, Director of Sales and Marketing, SO Resi
with both developments offering one and two bedroom homes for sale with deposits under £10,000. SO Resi Farnham is part of the wider Brightwells Yard development, and offers one and two bedroom apartments in the centre of Farnham, offering local home movers and first time buyers the opportunity to get on to the property ladder for a fraction of the price. Buyers can also make use of staircasing, which allows them to purchase an additional 1% 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. thetimes.com/business-money/companies/article/even- high-earners-cant-afford-to-buy-their- rst-home-locally-tv25xvjpb geeksforgeeks.org/top-richest-country-in-uk/
SO Resi Oxshott Two remaining homes are available from £106,875 for a two bedroom home (25% share), set in one of Surrey’s most sought-after locations. The development is surrounded by the woodlands and parkland of Prince’s Coverts, a wonderful facility for walkers, runners and cyclists. soresi.co.uk/ nd-a-property/so- resi-oxshott SO Resi Henley-on-Thames Comprising 43 one and two bedroom apartments in the centre of the historic riverside market town, prices start from £82,500 (25% share) for a one bedroom apartment. All apartments come with a dedicated space in the parking court, and ground oor apartments
SO Resi Farnham, Surrey Brightwells Yard, a shopping centre with a six-screen cinema, is right on the doorstep, with attractive open spaces close at hand to this development. Prices start from £70,000 for a 25% share of a one bedroom apartment with a full market value of £280,000. Estimated monthly cost: £963. soresi.co.uk/ nd-a-property/so-resi- farnham/ SO Resi Cranleigh Located in a village setting amid the backdrop of the Surrey Hills Area of Outstanding Natural Beauty, SO
Resi Cranleigh offers a laid-back lifestyle at an affordable price point for young professionals and families. One bedroom apartments and two bedroom houses start from £85,000 (25% share). soresi.co.uk/ nd-a-property/so-resi-cranleigh
include their own terrace enclosed with landscaping. soresi.co.uk/ nd-a-property/so-resi-henley-on-thames
40 First Time Buyer October/November 2024
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