Shared Ownership: a unique pathway to becoming a homeowner

Shared ownership properties in England offer a unique pathway to homeownership, particularly for those who might struggle to afford the entirety of a property's value upfront. Here, Fiona Roe explains the benefits of entering into a shared ownership scheme.

"One significant benefit lies in the reduced financial burden on buyers, as they can purchase a share of the property rather than the entire home. This initial share, often ranging from 25% to 75%, significantly lowers the deposit and mortgage requirements, making homeownership more accessible to a broader range of individuals and families.

Moreover, shared ownership properties provide a sense of stability and security to tenants who may have previously been renting. Unlike renting, where tenants are subject to the whims of landlords and the uncertainty of lease renewals, some shared ownership agreements offer occupants the opportunity to build equity in their home over time. As they gradually increase their share through a process called "staircasing," tenants can eventually own their property outright, enjoying the benefits of full homeownership while also benefiting from any appreciation in the property's value. This sense of ownership fosters a deeper connection to the community and encourages long-term investment in the property and its surroundings. Additionally, shared ownership schemes often include provisions for maintenance and repairs, alleviating some of the financial burdens typically associated with homeownership. Overall, shared ownership properties not only offer a pragmatic solution to the housing affordability crisis but also empower individuals and families to achieve their dreams of owning a home in England."

We currently have an excellent opportunity for those looking at shared ownership in Northallerton: https://bit.ly/SpringwellLane-Northallerton.