London Home Show Countdown: London and Quadrant
Building a Future with L&Q’s Shared Ownership: Staircasing
Shared Ownership is an alternative route onto the property ladder. Buyers can purchase a share of their home rather than purchasing on the open market, but what happens after that initial share purchase? Ahead of the London Home Show on 23rd March, L&Q’s Marketing and Brand Director, Olivia Moss, answers some key questions about the next steps you can take with Shared Ownership.
L&Q’s Marketing and Brand Director, Olivia Moss:
“In a property market known for high deposits and growing prices, Shared Ownership is designed as a way to help first time buyers take their first step on to the property ladder.
Shared Ownership is a stepping stone to full home ownership. A common misconception about the scheme is that it starts and ends with the first share purchase, however that is far from true. With Shared Ownership, buyers can go beyond their first purchase and take their next step on the ladder through a process called ‘staircasing’.
Buyers can staircase up to three times. As you staircase and buy additional shares of your home, you pay less rent, and more toward your mortgage. To staircase, owners must enquire with your housing association to start the process; the first step is to arrange an independent valuation so that you can purchase the additional shares at your home’s current value.
Shared Ownership is an accessible and alternative first step on to the property ladder, but we want people to know that staircasing is the next step in building a home and a future with Shared Ownership. Whether it’s in the countryside or in the capital, part of L&Q’s mission is to ensure that everyone has access to a quality home they can afford.
Staircasing allows you to make your home in your perfect neighbourhood. In Elephant & Castle, residents are living surrounded by central London’s largest new park in over 70 years. Two bedroom apartments in Elephant Park start from £156,250 for a 25% share and full market value starts from £625,000*.
If the East is calling, Bow is an area to watch for its ambitious regeneration plans that don’t stop at the riverfront. Upgrades for the parks and new schools are planned along with restaurants, cafes, and shops. Our Shared Ownership homes in Bow East, located within walking distance to Bow Church DLR, begin at £91,250 for a 25% share of a one bedroom apartment, with a full market value of £365,000*.
While in Ealing, the one, two, and three bedroom apartments in eco-friendly Acton Gardens are perfect for city professionals or young families. Prices start from £111,250 for a 25% share of a one bedroom home, with a full market value of £445,000*.
Shared Ownership isn’t exclusive to London. Our homes at Willow Grove are part of a significant new development in the Bedfordshire countryside – Wixams. The first phase of 12 two and three bedroom houses will provide generous living space in a flourishing new community, ideal for couples and growing families seeking more space. Two bedroom homes start from £98,000 for a 40% share and three bedrooms begin at £124,000 for a 40% share; full market values are £245,000 and £310,000* respectively.
Visit us at the L&Q stand at the London Home Show to find out more about staircasing, Shared Ownership, and our new homes across London and the Home Counties.”
To find out more, check out our overview of Shared Ownership and staircasing with L&Q at lqpricedin.co.uk/future
*All prices are correct at the time of publication.