London Home Show Sponsors: Meet SO Resi
Unlock the door to homeownership in London
Almost two thirds of renters in London (62%) believe they don’t earn enough to be able to save a deposit to buy a home, according to Allbricks. With property prices in the capital averaging out at £534,000 (ONS), and rents reaching stratospheric highs, it’s no surprise that homeownership in the city feels out of reach for many.
But that doesn’t mean first time buyers should abandon ship just yet. Shared Ownership is proving to be a saving grace for cash-strapped renters, offering a low-deposit high-reward route onto the property ladder. As the country’s fifth largest affordable housing provider, SO Resi is helping to bring homeownership back into reach of hundreds of Londoners each year, thanks to Shared Ownership.
How could Shared Ownership help you?
If you’re thinking about buying your first home in London this year, but don’t know where to begin, then SO Resi is here to show you the ropes.
Shared Ownership is a part-buy part-rent initiative, allowing you to buy a percentage share of a home using a mortgage, and pay a monthly ‘rent’ on the remaining share of the property. Most shared owners initially purchase between 25% and 75% of their property, although the initial share can be as low as 10%. You can buy more shares of your home in the future, and can even ‘staircase’ all the way to 100% ownership.
Shared Ownership also allows buyers put down just a 5% deposit of the share they’re purchasing. So, if you were buying a flat worth £300,000, a 25% share would be £75,000. You would need to put down a 5% deposit of £75,000, which would be £3,750 – this is a fraction of the deposit required to purchase a property without Shared Ownership.
Am I eligible for the scheme?
- You must be at least 18 years old.
- In London, your annual household income must be less than £90,000 (£80,000 outside London).
- You cannot own another home. If you already own another property (either in the UK or abroad), you must be in the process of selling it.
If it sounds like Shared Ownership might be for you, then read on discover SO Resi’s latest developments across the capital:
SO Resi Whetstone
Sitting on the tree-lined Oakleigh Road North, SO Resi Whetstone offers a collection of one and two bedroom apartments built around an attractive, landscaped central courtyard with seating. All apartments feature either a balcony or terrace to extend living space, and provide access to a much-coveted private outdoor area. A hidden gem in North London, Whetstone has enviable café culture, a range of shops and fantastic foodie pubs, all within walking distance from Totteridge & Whetstone Tube Station on the Northern line.
Prices start from £100,000 for a 25% share in a one bedroom apartment, with a 5% deposit starting from just £5,000 (full market value: £400,000).
SO Resi Hendon Waterside
Waterside living at its finest! SO Resi Hendon Waterside is located on the banks of the 170 acre Welsh Harp Reservoir, surrounded by waterside and woodland trails, and along a country lane connected to London’s Cycle Network. Available with SO Resi are a number of studio, one and two bedroom apartments and duplexes overlooking The Green, a new park running through the site.
Ready to take a step onto the property ladder?
Join us on 23rd September 2023 at the London Home Show to receive free advice about Shared Ownership. To learn more about shared ownership with SO Resi, call us on 0208 607 0550 or visit www.sharedownership.co.uk.
Attend the London Home Show
Tickets for the London Home Show are free, but visitors must register in advance to attend. For more information, or to reserve your place at the capital’s no.1 first time buyer event, please visit the Eventbrite page.
Share to Buy is a one stop shop for affordable homes. On our website, you can search for properties, compare mortgages and find out all you need to know about alternative home-buying schemes such as Shared Ownership and Help to Buy via our FAQs and guides.