Removing the barriers to home ownership
We are celebrating our success in helping would-be homeowners take the first steps on the property ladder.
Over the past two years, Housing Plus Group has built more than 100 homes exclusively for shared ownership, a popular initiative that allows buyers to purchase a share in their property while paying reduced rent.
As the UK marks National Shared Ownership Week (Wednesday, September 25, to Tuesday, October 1), our specialist sales and market rent company, Severn Homes (part of Housing Plus Group), is busting some myths surrounding a long-established alternative to more traditional ways to buy a home while highlighting its many benefits.
Gerry McFall, sales manager, explained: “Shared ownership has been around for many years, but we find that many people are still unaware of how to take this affordable step towards owning their own home.
“Ideal for first-time buyers and anyone returning to the housing market, shared ownership is also known as ‘part-buy, part-rent’ and typically involves the buyer purchasing up to 75 per cent of the value of the property.
“Although they pay a reduced rent, they have many of the same responsibilities as homeowners, such as the cost of repairs, but over time they can increase their stake in the property or even purchase it outright, building equity as their home’s value rises.
“However, some schemes only allow a maximum of 80% ownership to ensure that properties remain affordable for local residents and prevent them from being priced out of the area.”
Although usually associated with homes for affordable rent, housing associations such as Housing Plus Group are playing a significant role in promoting the shared ownership model.
“We recognise that for many people, renting isn’t their preferred option, and making more properties available for shared ownership is one of our priorities as we continue to invest in building new homes,” Kerry Bolister, Director of Development at Housing Plus Group, said.
“This is particularly important in areas where local residents may have been priced out of the local housing market,” she added.
Further details about properties currently available for shared ownership with Housing Plus Group are available on the Severn Homes website here, while you can read more about Shared Ownership Week here.
