Shared Ownership Week 2022
Celebrating ‘home’ this Shared Ownership Week
Every first-time buyer knows the wonderful feeling of finally having a place to call home. Yet for many would-be buyers, home ownership feels ever less affordable. Indeed, data from Halifax shows that it is – the cost of a typical home in the UK hit 7.1 times average earnings this summer, making housing the least affordable ever recorded.
In the South and East of England, affordability is even more of an issue. However, thanks to Shared Ownership, many first-time buyers can still make their dreams of home ownership come true.
“We were familiar with Oakwood and have always said how nice it would be to live there but thought it would be out of reach financially. We were so excited when we discovered that Network Homes offered Shared Ownership at Oakwood, it made our dream of buying together a reality. We decided to take a look at the homes on offer at Oakwood and fell in love – the rest is history!”
Christian and Lucy, Oakwood, Hertford
Shared Ownership Week celebrates the achievements of buyers such as Christian Silver and Lucy Thomas, who were able to purchase a share of a contemporary, three-bedroom home at Oakwood in Hertford thanks to the scheme. Thousands of other first-time buyers have also used Shared Ownership to take their first step onto the property ladder. Yet many buyers still don’t fully understand the scheme – something that Shared Ownership Week, which runs from 5-12 October 2022, aims to counter.
In a nutshell, Shared Ownership enables a buyer to purchase a share of a property (usually 25% or more). This means they need a smaller deposit than if they were buying the entire home. The buyer then pays a subsidised rent on the remaining share of the property, in addition to a service charge that covers the maintenance of communal areas and buildings insurance.
After purchasing their initial share, the buyer is able to ‘staircase’, buying additional shares through a straightforward process when circumstances permit, until they own 100% of the property. The more of the property they own, the less rent they pay.
“I was so emotional and happy. I was so excited. I thought it would never happen. I thought we would always be renting, and it wasn’t affordable. I wanted to show our daughter you can go one step more. When our daughter gets older, she will have something. And we can give something back to her. She will have that security and that means so much to me.”
Stacy and Mark, Rectory Park, Northolt
Shared Ownership has helped thousands of people to buy a share in their first home, but the scheme is not only open to first-time buyers. Anyone over 18 whose household income is under £80,000 (or £90,000 in London) can purchase a Shared Ownership home. This means that buyers can use the scheme to buy into a home that meets their growing needs – just as Christian did when he moved from a studio in Network Homes’ 243 Ealing Road development to a one-bedroom apartment in Scala in Wembley Park.
“Shared Ownership is a fantastic opportunity to become a homeowner in an area that may typically be considered out of reach. The details behind the scheme initially seemed a little daunting, although the team at Network Homes were so helpful from start to finish and made the whole process a seamless one.”
Christian, Scala, Wembley Park
With the Help to Buy scheme finishing at the end of October 2022, Shared Ownership has taken on an even more important role in making home ownership affordable. Shared Ownership properties currently available through Network Homes include:
A collection of beautifully finished two- and three-bedroom Shared Ownership apartments in the lively, welcoming neighbourhood of Southall. The apartments provide open plan living spaces, stylish kitchens, spacious bedrooms and private balconies. Evolution also features a pretty podium-level courtyard garden. Prices start from £95,625 for a 25% minimum share.
Faber Green, Northolt
The spacious, pet-friendly homes at Faber Green include apartments ranging from one to three bedrooms and houses with two, three and four bedrooms. Interiors are bright and modern, while every home comes with private outside space, as well as access to communal grounds. Prices begin at £95,000 for a 25% minimum share.
Union Square, Perivale
Ideal for both first-time buyers and growing families looking to move up the property ladder, Union Square is home to bright, airy two-bedroom apartments in Perivale. Each home has either a balcony, a terrace or a patio space, with parking spaces available to purchase if required. Prices start from £106,250 for a 25% minimum share, with £1,000 currently available towards legal fees (full details available from Network Homes).
Arc, Wembley Park
The chic one- and two-bedroom apartments at Arc in Wembley Park put buyers at the heart of one of the most exciting new neighbourhoods in London. Owners have London Designer Outlet, world-renowned sporting events, Michelin-star eateries and the beautiful new Union Park on their doorstep. Homes are priced from £96,875 for a 25% minimum share.
Acton Works, NW10
Already 80% sold, the final phase of one- and two-bedroom apartments at Acton Works are ready to move into. The pet-friendly homes offer an outstanding urban living experience, with private balconies for every apartment and landscaped rooftop gardens for all residents to enjoy. Prices start from £83,125 for a 25% minimum share.
Fern Grove, Feltham
Ideally located for enjoying urban life, the studio, one- and two-bedroom apartments at Fern Grove include wheelchair adaptable homes just 0.3 miles from Feltham station. Prices begin at £58,750 for a 25% minimum share.
Darren and Becky recently purchased at Union Square in Perivale and comment on the opportunity Shared Ownership gave them: “On our current salaries, we could not get a mortgage to buy anything remotely big enough for the four of us – even with some help from family. The shared ownership scheme made it possible for us to get on the housing ladder.”
For more information about Shared Ownership properties for sale through Network Homes please click here.