What is Shared Ownership Week?By Ed Hanna
For many of the UK’s would-be buyers, getting a foot on the property ladder feels out of reach. Even the savviest savers seem destined to a lifetime of renting, as hopeful bids to squirrel away money in an attempt to grow a savings pot large enough to form a deposit are inconsequential. A week of the year dedicated to making the dream of owning their own home a reality, Shared Ownership Week, provides a lifeline and valuable support to aspiring homeowners hungry to buy their first property.
Taking place 20 – 26 September, the event spreads the word about the fantastic opportunities available and informs those who are striving to improve their position about how they could be eligible to secure a property using the scheme. Backed by major housing providers who will be showcasing a diverse range of developments around the country, the event champions affordability and aims to springboard potential buyers into the market of home ownership.
The scheme is open to people of any occupation and ensures that ‘second steppers’ are given equal priority with first time buyers. Providing that applicants are earning less than £80,000 a year, or £90,000 in London, they can request the number of bedrooms that suit their needs.
Shared ownership enables buyers to purchase a share in a home that they can afford – usually a minimum of 25% of its market value – with as little as a 5% deposit. Buyers pay a subsidised rent on the remaining share of the property, usually resulting in lower monthly costs than renting on the open market, and can buy further shares at any time, known as ‘staircasing’, right up to 100% and outright ownership.
For more information on all the partners, to hear the experiences of others using shared ownership to get on the property ladder and to learn more about the scheme, visit: www. sharedownershipweek.co.uk.
I’m in! What’s next?
When it comes to finding your perfect shared ownership home, the London Home Show by Share to Buy is a great place to start. Join us on 22 September at the Queen Elizabeth II Centre in Westminster, where you can find all the latest information on the affordable home ownership market.
How can I get involved in the week?
Follow all the action on Facebook, Twitter and Instagram and get involved in the competitions during the week, using the hashtag #SOWeek2018.