If the idea of buying a home in Zones One, Two or Three feels like the wildest of fantasies, then listen up. Shared Ownership makes buying in a buzzy London neighbourhood much more realistic. What is it, exactly? In a nutshell, it’s purchasing a portion of the overall value of the property and paying some (subsidised!) rent on the bit you don’t own. It’s great for anyone hoping to get on the property ladder, and it’s your ticket to buying in areas that you might not have thought possible. The maths say it all, really: in London, in 2020, the average first-time buyer deposit is a whopping £109,146* – whereas with Shared Ownership, your deposit could be as low as £10,925 (for a place in Clapham Park, see below).
Scroll to the bottom for a step-by-step breakdown of how it all works. Or stick around as we round up six up-and-coming neighbourhoods, all of which have Shared Ownership properties ready to go.
For loads of case studies and eligibility info, check out the Shared Ownership Week (September 17-23) website. #SOW2020 is also packed with webinars designed to get you up to speed on everything from the ins and outs of the process to legal advice. Check out the full line-up (and register online) here.
*Halifax: First-Time Buyers: Average Price, Loan and Deposit by Region, 2020. 12 month rolling June 2020.