Shared Ownership in Norwich
Across England, the Government supports a range of schemes to support affordable home ownership. All official schemes outside London fall under the homebuy brand of government backed affordable home ownership. The most established scheme is shared ownership, otherwise known as part buy part rent but there are also shared equity schemes (e.g. Firstbuy), and rental products, including rent to buy. For more detail on the specific homebuy schemes available in Norwich click on the tabs at the bottom of the page. In addition, at sharetobuy.com there are a range of options open to people wishing to research their affordable housing options:
- To search for shared ownership properties for sale in Norwich, use the search tool on the left hand side of the page or click here to go straight to search results in Norwich. If you cannot find anything that suits your needs at this time we are constantly adding properties and you can register to receive property alerts whenever we do so.
- If you are looking for a shared ownership solicitor in Norwich, you can find solicitors on the sharetobuy.com panel with huge experience of the various homebuy schemes.
- Share to buy are also authorised mortgage brokers and you can use our mortgage tool to compare products available for part buy part rent purchases. See our shared ownership mortgages.
Search for properties in Norwich
These are examples of properties that are currently available in Norwich. Click here to search for all properties in Norwich.
2 bed apartment in Norwich£75,000 (min. share 50%)
20th November 2017
Is saving for a deposit holding you back from moving in to your own home? Saving money can be hard, but with these ten money saving apps available at your fingertips, you’ll soon discover how to put away the pennies and you’ll be ready to move in no time.
20th September 2017
Shared Ownership Week returns for its fifth year, 21st - 27th September. Shared Ownership week raises awareness this home ownership scheme which offers a life line to thousands of first time buyers.
Part buy part rent in Norwich
The longest-running affordable home ownership scheme is 'shared ownership', and this is often referred to as 'part buy part rent' because you literally buy part of a property and then pay rent on the remainder. Thus, the product can be seen as literally offering a stepping stone between renting and buying. When you part rent part buy a home, the share can start from as little as 25% and the rent on the remaining share is usually capped at an affordable amount usually in the region of 2.75%. If you consider that availability of mortgages with a 5% deposit has historically been strong in the shared ownership scheme, you can potentially put down just 5% of 25% of the purchase price and as you may often not have to pay the purchase tax known as stamp duty, it makes the total cash you need typically far lower than buying on the open market. Another strong feature of the part buy scheme in Norwich and elsewhere is that there is an established second hand market of part buy part rent homes. Although most properties are available on a new build basis, over time, these properties can be sold on to new buyers and if the owner has not yet bought 100% of the property they can offer their existing share for sale on a second hand basis in a process known as a 'resale'. Search sharetobuy.com for part buy part rent properties in Norwich and across England.
Norwich is the county town of Norfolk, with an urban area population of over 190,000. Situated in East Anglia, the area of Norwich extends beyond the city boundary, with extensive urban areas on the north, east and western sides.
The city's economy, originally chiefly industrial with shoemaking a large sector, has changed throughout the 1980s and 1990s to a service-based economy. Aviva (formerly known as Norwich Union) still dominates these, but has been joined by other insurance and financial services companies.
Norwich has long been associated with the manufacture of mustard. The world famous Colman's brand, with its yellow packaging, was founded in 1814 and continues to operate from its factory at Carrow. The Colman's Mustard Shop, which sells Colman's products and related gifts, is located in the Royal Arcade in the centre of Norwich.
Norwich sits north of the A47 (bypassed to the south of the city) which connects it with Great Yarmouth to the east and with Kings Lynn to the west, which ultimately connects to Peterborough. At present the A47 is in the planning stages of upgrades, largely to sections which are still single-carriageway and with much focus on improving the road network in conjunction with the in-construction Great Yarmouth Outer Harbour. Norwich is linked to Cambridge via the A11, which leads to the M11 motorway for London and the M25. It is linked to Ipswich (to the south) by the A140 and to Lowestoft (to the south-east) by the A146.