Shared Ownership in West Midlands
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 West Midlands 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 West Midlands, use the search tool on the left hand side of the page or click here to go straight to search results in West Midlands. 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 West Midlands, 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 West Midlands
These are examples of properties that are currently available in West Midlands. Click here to search for all properties in West Midlands.
1 bed apartment in Birmingham£44,500 (min. share 50%)
20th October 2016
Read our latest blog from our Mortgage Expert Stephen Dwelley. In this blog Stephen answers the frequenlty asked questions from first time buyers trying understand how much they can borrow for a mortgage and what is affordable.
16th September 2016
WHAT IS SHARED OWNERSHIP?
NATIONAL CAMPAIGN DISPELS MYTHS SURROUNDING AFFORDABLE HOUSING PRODUCT
Confused by shared ownership? Think it’s just for key workers? Or just for first time buyers? Think again. A week-long national campaign is returning for its fourth year to raise awareness of the more affordable alternative home ownership product, starting on Thursday 15th September, to help homebuyers understand how they could be eligible to secure a property with this pioneering scheme. Read on
Part buy part rent in West Midlands
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 West Midlands 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 West Midlands and across England.
The West Midlands is a county in western central England with a 2011 estimated population of 2.74 million. The county borders the counties of Warwickshire to the east, Worcestershire to the south, and Staffordshire to the north and west.
The West Midlands is divided into the seven metropolitan boroughs of Birmingham, Coventry, Dudley, Sandwell, Solihull, Walsall and Wolverhampton. The area is one of the most heavily urbanised counties in the UK. However, the West Midlands is not entirely urban; Coventry is separated from the West Midlands conurbation by the Meriden Gap, a stretch of green belt land roughly 15 miles across. A smaller piece of green belt between Birmingham, Walsall and West Bromwich includes Barr Beacon and the Sandwell Valley.