London Home Show Sponsors: Meet SO Resi
Shared Ownership developments in Barnet and Hertfordshire
First time buyers are not having an easy ride at the moment. Interest rates are climbing fast, inflation and the cost of living crisis are taking a toll, and the cost of renting has risen by the fastest rate ever – up 17.8% in the past year in London according to the Hometrack UK Rental Market Report.
This, coupled with the recent news by Halifax that the average deposit for a first time buyer in London has now hit an eye-watering £125,000, means that the next generation could be forgiven for thinking they will never get onto the property ladder.
This is where Shared Ownership comes into play, providing a more accessible route to homeownership and supporting thousands of Londoners onto the property ladder each year.
What is Shared Ownership?
Shared Ownership is a government backed scheme that has been running for over four decades, and offers qualifying buyers the chance to make a move right now with only a fraction of the deposit requirements of buying on the private market.
So, rather than sitting around glued to the financial reports and wondering which way house prices and interest rates are going to go next, first time buyers can buy a portion of a home now, and pay a controlled rent on the rest. In time, if they wish, they can buy more of the home through a process known as staircasing, until eventually they own it outright.
Who is eligible?
For those looking to buy a Shared Ownership home, the general eligibility criteria is as follows:
- 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.
So, now you know what Shared Ownership is, take a look at what we have to offer at SO Resi in two property hotspots.
New this year, SO Resi Whetstone offers a collection of one and two bedroom apartments. Sitting on the tree-lined Oakleigh Road North, it’s 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 (FMV: £400,000). Buyers must either live or work in Barnet to be eligible.
Welwyn Garden City
Located in the ‘Utopia’ of Hertfordshire, SO Resi’s latest development in Welwyn Garden City forms part of a wider regeneration of the city’s famous Shredded Wheat Factory. The development itself is located within acres of green space and landscaped gardens, alongside pedestrian squares and public art, while shops and restaurants and efficient transport links are all within close reach.
Each apartment at SO Resi Welwyn Garden City comes complete with a private terrace or balcony, while inside each property is finished to the highest standard, with high quality Amtico flooring and integrated appliances.
There are a number of one bedroom apartments available at SO Resi Welwyn Garden City, with prices starting from £69,375 for a 25% share and a 5% deposit starting from just £3,468.75.
Ready to take a step onto the property ladder?
Join us on Saturday 15th April at the London Home Show to receive free financial and legal advice, and informative educational sessions 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.