Shared Ownership is a government-backed scheme where people buying their first home, or are returning to the property market, who are unable to afford a suitable home at the full market price, can purchase a share of the property and pay a subsidised rent on the remainder.
Hyde New Homes offers the Shared Ownership scheme, and many people across London and the South East have taken advantage of the scheme...
First-time buyer’s dream becomes a reality
Irish citizen, Allison Christina, moved to the UK five years ago, and was priced out of her rented flat on Upper Street in Islington. Allison discovered she could buy her own home through Hyde New Homes’ Shared Ownership scheme at the Packington Square development – which was conveniently located in her favourite part of town.
With London always being her dream place to live, Allison took the leap and moved to the quirky hipster part of London - Islington. Fully aware that it would take her up to five years to afford to buy a flat in the area, Allison couldn’t believe her luck when she discovered Packington Square. “I was beyond grateful that I was able to purchase a home so easily. I looked at this opportunity as winning the lottery – it was wonderful. I did my research and put my name on the list straight away - I was hoping to get something within a year but I found something within a month.”
Unfortunately, all units had been fully reserved, so Allison was unsuccessful in her first exchange at Packington Square. She comments: “I was truly gutted I didn’t get my first-choice apartment - with the prices in London being extremely high, and being a journalist by trade, I never thought I’d be able to own a home. Being 44 and not yet a homeowner was really disappointing for me. I would walk past the development and just hope that it would all fall into place for me at some point.” Allison’s wishful thinking proved to be a success as Hyde New Homes was later thrilled to inform her that the apartment was back on the market - within a month it was all hers.
Allison purchased a 45% share of a one-bedroom property for £227,250, with a full market value of £505,000. This allowed her to put down an initial deposit of £14,700 – a far more achievable figure she would not have met in the private market on her income. She comments: “I couldn’t believe my luck – I felt that I had gotten my piece of London. I’m living proof that it’s never too late to find your happy place in London in your forties.”
Shared Ownership success for student
Masters student, Dagmar Bernt Ellefsen, recently purchased a 25% share of a two-bedroom apartment at Two Fifty-One – a Hyde New Homes development, in the area of Southwark where she has previously lived for the past four years.
When first discovering the perks of Southwark four years ago, Dagmar was drawn to the highly connected travel hub and hipster social scene of Elephant and Castle, just down the road from her previous home in Bermondsey. During the decision-making process to move to a bigger property, the couple were adamant about staying in Southwark. With the help of the Hyde New Homes, the pair found the ideal home that fit the bracket in just a week. After putting down a £10,000 deposit, the pair went on to purchase a 25% share of a two-bedroom apartment with a full market value of £647,000.
Dagmar explains why they decided to take the Shared Ownership route for the second time: “Buying through Shared Ownership means that you get so much more for your money as opposed to buying a property outright. Particularly while still being a student, I am only eligible for another year to get a property through Shared Ownership, so we wanted to make the most of this opportunity.”
Home is where the heart is for newlyweds
According to research by TSB, nearly 50% of Britons live near where they were brought up – a decision many agree gave them a better chance of being able to afford a property. However, despite staying close to their family homes in Kent, Oliver and Anna Marie Hyde – both 25 and members of ‘Generation Rent’ – found it difficult to find a new build home they could afford. With the help of Hyde New Homes’ Shared Ownership scheme the young couple discovered the Heron Fields development in Sittingbourne, Kent, where they were able to purchase a three-bedroom house that allowed them to fulfil their dream of starting a family.
Before purchasing with Hyde New Homes, Oliver and Anna Marie had been letting a two-bedroom coach house less than 400 yards from Heron Fields, but wanted more space and freedom. Renting felt like they were spending money without any real benefit, yet finding a high-spec, modern home at their price point proved tough; the couple also weren’t willing to leave Sittingbourne – the place they met, worked, and consider home. When they saw the Hyde New Homes flags appear up the street, Oliver and Anna Marie knew they had to investigate.
“We were able to watch as each phase unfolded, and each time, we went to have a look,” notes Oliver. “The first time around, we weren’t in the financial position to make the jump to being homeowners.”
However, they continued to save and after getting married, put down an initial deposit of £10,000. “The buying process didn’t take very long once we had the money, but it felt like a long time coming,” continues Anna Marie.
“Purchasing through Hyde New Homes meant that there were ‘no strings attached’,” explains Oliver. “We didn’t have to worry about chains or buyers falling through, which gave us added piece of mind.”
“Our interactions throughout the whole process were amazing,” Anna Marie adds. “They kept in constant contact and were quick to answer all our queries. Even though our solicitors were quite slow with the paperwork, Hyde made it feel like a breeze.”
The couple purchased a 5% share of their property for £13,500, based on a full market value of £270,000. Heron Fields currently has a selection of three- and four-bedroom homes available for sale, with three-bedroom semi-detached houses starting at £330,000 and four-bedroom detached houses starting at £380,000.
For further information on other Hyde New Homes developments, please visit the website at www.hydenewhomes.co.uk or contact the sales team on 0345 606 1221.