Shared Ownership in Luton
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 Luton 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 Luton, use the search tool on the left hand side of the page or click here to go straight to search results in Luton. 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 Luton, 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 Luton
These are examples of properties that are currently available in Luton. Click here to search for all properties in Luton.
14th July 2016
Our latest Guest Blog comes from WhatHouse? with a host of tips for first time buyers.
8th July 2016
“Help to Buy enabled us to buy a property with a better specification. We already had a reasonable deposit but without Help to Buy on top, we probably would have got a much smaller flat on the outskirts of London. Overall, Help to Buy allowed us to get a higher quality property, in a better location.”
Part buy part rent in Luton
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 Luton 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 Luton and across England.
Luton is a large town, borough and unitary authority in Bedfordshire, 30 miles north of London. The town was for many years famous for hat-making, and was also home to a large Vauxhall Motors factory; the head office of Vauxhall Motors is still situated in the town. Car production at the plant began in 1905 and continued until 2002, but commercial vehicle production remains. Luton is also home to London Luton Airport, one of the major feeder airports for London and the southeast. Luton has seen several waves of immigration. In the early part of the 20th century Irish and Scottish people arrived in the town - these were followed by Afro-Caribbean and Asian immigrants. More recently immigrants from Eastern Europe have made Luton their home.