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With house prices continuing to rise, and their upward trajectory set to resume into 2022, it’s no surprise that potential homeowners are giving up on the dream of finding an affordable way onto the property ladder.
Over the last year, shared ownership sales saw a near 10% rise across England. So, for many, shared ownership could be the answer they’ve been looking for.
After discovering shared ownership coincidentally through a friend, Andreea Gherasim, 29, and her husband Sebastian, 36, bought a 55% share in a three-bedroom house at MY Resi Upton Square worth £138,875 [full market value £252,500]. The couple paid a 10% deposit of just £13,887.50. Prior to this, the couple were renting a two-bedroom home in the local area but decided to make the move to a more spacious home to accommodate their two sons, Marcus, 9, and Lucus, 7.
Andreea, a secretary for a transport company, comments: “We were renting locally but one morning while I was at a friend’s house, I noticed a sign on the opposite fence for shared ownership with SO Resi. After saving for the past two years for our first home, my friend encouraged us to apply. Shared ownership provided a quick win that allowed us to upsize and purchase a new family home at an affordable price.”
Shared ownership buyers have the option to staircase in increments initially of 10%, then in multiples of five thereafter. As buyers increase their share of the home, the monthly SO Resi payment decreases while mortgage payments increase. When buyers reach 100% ownership, they only pay monthly mortgage payments and any service charges if applicable.
Andreaa adds: “The ultimate benefit with shared ownership is that you are actually investing in something and can increase your share in the property overtime at a pace that suits you. We plan to staircase until we own 100% of the home.”
Kush Rawal, Director of Residential Investment at Metropolitan Thames Valley Housing, comments: “Shared ownership has stood the test of time, having provided an affordable alternative route to traditional home ownership for the past 50 years. For first time buyers like Andreea and Sebastian, shared ownership provides a helping hand for those looking to move up the property ladder. The properties available at MY Resi Upton Square provide the ideal foundation for beginning a new chapter in the perfect family home.”
Andreea says: “Shared ownership enabled me to become a homeowner in an area I love, close to my friends and family. I can’t praise the team at SO Resi enough for how helpful and easy they made the full process.
“We were initially taken aback by the grandiose of this property as it provides lots of space and light in comparison to our previous home. Our new home here at MY Resi Upton Square has everything we need, from a retail park, local shops, Sixfields area and is close by to the children’s school and work. The boys are most excited about getting a new room to put all their toys in!”