Myth busters – are shared ownership properties always in less desirable areas?
Canary Wharf, Notting Hill and Wandsworth - are not areas that you would traditionally associate with Shared Ownership, but they all have properties currently for sale through the scheme. While some perceive shared ownership properties as being of poor quality in less desirable locations, the scheme is providing a lifeline to Londoners who are being priced out of the current market. For example, for a flat in up and coming Shoreditch available from just £162,500, shared ownership can provide prospective buyers with the chance to purchase in desirable areas that would be closed off to them if they were to purchase outright.
Of course, it’s not just in the Capital; outside of London, the availability of shared ownership extends well beyond poorer quality properties in less attractive areas. With housebuilders often obliged to include a proportion of affordable housing in their developments as part of planning agreements, shared ownership properties can be found on high quality estates in areas as varied as Bath, Harrogate and Cambridge. This means that prospective buyers could purchase a high quality home in a desirable area, which they might not be able to afford otherwise.
With the Government extending shared ownership schemes this year to anyone with an income below £80,000, and under £90,000 in London, the scheme is expected to grow in popularity as more and more prospective home buyers find themselves unable to buy the property they want in the location they desire. Brokers should be aware of the benefits of shared ownership schemes and be prepared to extend their offering accordingly.
To find out more about the products available from Leeds Building Society and shared ownership call our business development team on 03450 505555.
This article contains public sector information licensed under the Open Government Licence v3.0 www.nationalarchives.gov.uk/doc/open-government-licence/version/3/
*Information correct as of 9th February 2016.