The recent London Home Show conference in September was fantastic. It's always great to see how housing is evolving and how Shared Ownership and Rent-To-Buy schemes are gaining increasing prominence in London and across the country.
Paul Aird is one of our more senior and expert consultants at SO Resi, and he shared his personal story at the conference. He and his fiancée have been saving for some time to purchase their first property; they even moved in with their family to not waste money on rent. Yet, when Covid and lockdown came, his fiancée lost her job and buying a full-priced property became a real struggle.
Shared Ownership became the best solution. Thanks to a low deposit and a reduced mortgage, getting onto the property ladder was still a possible reality. They browsed for some property and then moved in. Now they have their own house and still live there happily.
The new developments, such as SO Resi Hendon Waterside or SO Resi Farnham, were completed this year; this is the first time anyone has ever lived in them. On the other hand, resales typically come from previous owners looking to sell their property. These homes can sometimes be cheaper and come and go quite frequently; an example is Wheatsheaf Close in Wokingham. (If the link doesn't work, it's already sold!
Another scheme just launched is SO Flexi, the Rent-To-Buy option. This allows you to rent at a cheaper fee than the typical market value to help you save money and purchase your property later through Shared Ownership. Only SO Flexi Slough and SO Flexi Acton are available now, but there will be more in the future.
Shared Ownership was an excellent way for Paul to jump onto the property ladder and help him and his fiancée move into their first home. This may be the best choice for you as well.
Written by the SO Resi In-House Team