Educating Buyers at The London Home Show

Posted 29 August 2019 by Lizzie Leigh

This week we talk to Nick Lieb, head of operations at Share to Buy...

Share to Buy’s Nick Lieb tells us about the London Home Show taking in place in September, and explains that there really is such a thing as affordable home ownership.

 

The London Home Show is back for its thirteenth time in September, can you tell us what visitors can expect? 

The London Home Show is the UK’s largest event for first-time buyers, welcoming thousands of guests throughout the day. The show is a one-stop shop for those looking to find out more about alternative home ownership schemes – visitors can expect to speak to different Housing Associations and developers about the range of properties they have on offer. Independent mortgage advisors and conveyancing solicitors will also be on hand to provide free financial and legal advice to anyone looking to buy their own home.

 

Will visitors to the show get an opportunity to speak with developers face-to-face and ask questions?

Absolutely – as well as speaking to teams from over 50 of London’s leading housing providers who will have stands at the show, there will also be live Q&A sessions where industry experts will answer questions from the audience. These will run at regular intervals throughout the day, covering everything from perfecting your credit score to understanding eligibility criteria.

  

Where are Shared Ownership schemes performing particularly well in the UK at the moment? 

Providing a pocket of affordability in typically affluent areas, Shared Ownership is definitely growing. The scheme has always been popular in larger cities, with thousands of schemes established across London and now emerging more in places like Milton Keynes, Birmingham and the North West, but recently we’ve seen an increase of Shared Ownership developments in much more rural areas - meeting demand in these areas.

 

What do you think the next steps for Shared Ownership schemes will be? 

With the Help to Buy Equity Loan ending in March 2021, I think it’s likely that the Shared Ownership scheme will see a surge of popularity, filling the gap that Help to Buy previously occupied. First time buyers will always need alternative routes onto the property ladder, so it would be great to see more funding being channelled into Shared Ownership to help developers and Housing Associations to deliver more affordable homes and meet demand from first-time buyers.

 

What’s the next big focus for Share to Buy as a company? 

Our ongoing focus at the moment is continuing to grow our database of users outside of the UK’s major cities. More and more Housing Associations are currently expanding their development programme across the UK and we want to make sure that first time buyers around the country know about the different home ownership schemes available to them. In the past 12 months the number of housing associations we work with around the country has increased, meaning we have homes available throughout England on our website!

 

What’s the best piece of advice you could offer to somebody thinking about buying their first home? 

Do as much research as you possibly can! Visit the London Home Show if you’re local to the capital, and consider which is the best homebuying option for you. If you’re not sure that the numbers will add up, use our mortgage calculator tool to calculate your finances and find a Shared Ownership mortgage that will meet your affordability needs. Buying your first home is one of the most exciting but biggest decisions you will ever make, so be sure to educate yourself before you dive in. 

 

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A Guide To Part Buy Part Rent
With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

You are able to purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.

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