London Home Show Countdown: SO Resi
Taking a step onto the property ladder in London with Shared Ownership
The prospect of buying your dream home can seem out of reach for many first time buyers, particularly given the steep housing prices throughout the UK. However, if you are ready to make your first move and take a step onto the ladder, then Shared Ownership could be the way to go!
Recent data from the Land Registry found that although the average house price in London fell by 0.7% in May this year, the average price in the capital still stands at £462,617 – a staggering 84% higher than the average house price in England.
The average deposit paid by first time buyers in London has also risen to a substantial £132,685. So, it’s no surprise that potential home owners think living in the city is more of a wishful dream than reality.
However, alternative routes such as Shared Ownership are helping to open up the property market across the city for London’s budding buyers. Here’s how Shared Ownership works: eligible first time buyers purchase a percentage share (typically between 25-75%) of the value of their new home. Potential buyers will then pay a 5-10% deposit based on their initial share and take out a mortgage to cover the rest.
Additionally, buyers will pay a monthly payment to SO Resi on the remaining share of the home they don’t own and a service charge fee – leaving customers with their own piece of the capital at a fraction of the price. Buyers can also purchase more shares in their home when it suits, until they own 100% of the property.
SO Resi has a great selection of affordable homes in some of London’s latest property hotspots.
Ealing
Covering the areas of Chiswick to Northolt, Ealing has long been an under the radar spot for working professionals and families alike.
A home here at SO Resi Ealing has everything you need, just moments from your door. A short stroll away you’ll find bustling bars, restaurants and diverse shopping in Ealing Broadway, good schools and excellent transport options. West Ealing station – soon to be part of the Elizabeth Line when Crossrail launches in early 2022 – is a nine minute walk away connecting you to central London and beyond with ease.
There are several one and two bedroom Shared Ownership apartments available at SO Resi Ealing starting at £422,500. You could buy a 25% share of this property for £105,625 with a 5% deposit of £5,281.25
Greenford
Located in West London, in the borough of Ealing, Greenford encapsulates a vibrant suburban town that effortlessly combines its historic roots with modern redevelopment. Due to its regeneration and versatile living options, Greenford is perfect for young professionals as well as families with excellent schools, community centres, and spacious green areas.
A home in SO Resi Greenford is made for modern life. Set alongside the Great Union Canal, SO Resi homes offer a peaceful escape from the capital, where you’ll be able to enjoy quiet walks and waterways along the canal.
However, you’ll never be far away from the city as one of Greenford’s best features is its well-connected transport options. Greenford station has its own stop on the Central line getting you to Oxford Circus in just 30 minutes.
Whether you choose a one, two or three bedroom apartment, each will deliver on comfort, quality and style. SO Resi Greenford prices start at £99,000 for a 25% share in a one bedroom apartment (full price £330,000).
So, get ready to take a step onto the property ladder! SO Resi has several Shared Ownership developments in and around the city, so you can make your homeownership dreams a reality and buy an affordable new home in your perfect location.
If you want to learn more about Shared Ownership, simply contact us on 0208 607 0550 or visit our website for more information. You could also join us on Saturday 18th September at the London Home Show to receive free financial and legal advice and informative educational sessions about Shared Ownership.
The capital’s no.1 first time buyer event is returning to the QEII Centre in Westminster on Saturday 18th September! Register for your FREE ticket to the London Home Show to find out more about Shared Ownership, Help to Buy and the buying process.