Shared Ownership puts a new spin on purchase for first-time buyers

Posted 23 August 2016 by Helen Christie

When he’s not spinning decks as a DJ in his spare time, Nottingham resident Jack and his partner Emma are relaxing in their brand new, two-bedroom home at Hollygate Park in Cotgrave...

The first-time buyers recently moved into their new home after buying through Shared Ownership.

When asked why they decided to buy a Shared Ownership property, Jack says: “We decided to buy a Shared Ownership property because it meant that the initial outlay of deposit funds were significantly less than if we bought something in its entirety.”

Jack had heard about the property through both an advert at a local estate agent and through his full-time job as a commercial property surveyor. Both he and Emma, who works for a local charity organisation, had been planning to buy a home of their own for a while. Emma adds: “We had been thinking about buying a house for a few years, however, the actual decision to buy this house was quite spontaneous. We only really left the house that day to get some fresh air. As we lived a 10-minute walk from the scheme, we decided to have a look. The rest is history.”

Jack says: “Having rented nearby before buying, it’s interesting to find out the difference between the monthly outlay while renting, compared to that of owning a home through shared ownership in the Cotgrave area. We were paying £550 a month before and now we are paying around £570, so it’s little bit more, however, the extra money is well worth the improvement in lifestyle for a bigger house with a garden and driveway. I'm paying into something where we will both see rewards from the equity over the years. It will certainly pay off.”

When talking about the buying experience, Emma adds: “We were unfamiliar with the process initially, Jack knew a little about Shared Ownership but I had never really heard about it before. However once the affordability check was complete we found it quite smooth from then on. The whole process from start to finish took approximately three months.”

The two-bedroom home built by David Wilson Homes comes with a fitted kitchen including Zanussi appliances, a fitted bathroom, carpeting and flooring and a 10 year NHBC warranty, giving the couple everything they need to be able to just move their things in and enjoy their new home. Buying a new home means there’s no chain involved, the buying process is simpler and more straightforward than buying an older property on the open market.

And what’s does the future hold for Jack and Emma? “We intend to stay here for a good few years, whilst we climb our career ladders. It will be interesting to see how the rest of Hollygate Park develops and eventually we might even upsize into something bigger.”

View more about Hollygate Park from David Wilson Homes

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