Home Working At Warwickshire Shared Ownership Scheme

Posted 27 August 2020 by Keith Osborne

How 'generation rent’ can get their foot on the property ladder and work from their own home through Clarion...

According to ONS data, there are nearly two million of us currently working from home, with 60% of those wanting flexible working options to continue after lockdown, rather than return to the repetitive routine of commuter drudgery.  

Estate agents across the country have reported a flurry of home buyers plotting moves to smaller towns and semi-rural areas in recent weeks, as flexible home-working is set to become the norm.

According to recent surveys, the trend for working from home is set to be a growing one. Over a third of employees have been advised they will continue to work from home until further notice and nearly a quarter have been told they will continue to work partly from home and in the office. 

However, after months of staring at the same four walls, people have grown increasingly tired of their rented accommodation. There has been a recent surge in interest in property purchases, as people grow weary of working in rentals, left unable to put their own unique stamp on their surroundings and working from a kitchen table or at the edge of their beds 

Julian Cotton, regional sales director at Clarion Housing Group, the UK’s largest housing association, gives his recommendations for first-time buyers in Warwickshire. As buyers are yearning for that change of scenery, a space to call their own, and a home office, Julian thinks the change in working patterns will have a lasting effect on the property market and what we look for when buying a house. 

You don’t just need to buy outright... Consider all the options when it comes to buying 

“Those perhaps moving on from a relationship and buying alone and first time buyers will be really struggling at the moment to afford the high deposits required by mortgage lenders, which can now often be well above 10%. That’s why, in light of the COVID outbreak, Shared Ownership has become a much more desirable option for a range of buyers, but especially for first-timers. 

“As Warwick and Leamington Spa rank among the most expensive places to buy in Britain, a Shared Ownership option provides a flexible means of purchasing for people across all life stages, giving them the ability to own a portion of their home and to get their foot on the rung of the property ladder. Something they might have otherwise seen as out of reach... 

“As well as having homes on open market sale, our Portobello Riverside development, which offers great access into both Warwick and Leamington Spa and a stunning waterside location, has Shared Ownership options available. As an example, the homes are available to purchase from £53,750, based on a 25% share of £215,000 full purchase price. That would equate to just under £3,000 for a deposit. Lenders are starting to open up 10% deposits for first-time buyers again, but this would still equate to a £21,000 deposit on a full purchase price. 

“A lot of people aren’t aware of how low the deposits can be, and there are certainly misconceptions surrounding the benefits of Shared Ownership. Some people believe it involves sharing a house with someone else, which is simply not the case – you own a share of the property, but you can gradually ‘staircase’ up to full ownership as your circumstances change.”  

Think about home office options when you’re searching for your property 

“As with any office situation, your surroundings and working environment when you’re working from home can have a huge impact on your productivity. Undoubtedly, you’ll want a quiet place to concentrate and crack on with work, but you should also take into account levels of natural light and the option for getting plenty of fresh air in the countryside when you need it.  

“Surrounded by the Warwickshire countryside and on the banks of the River Avon, our Portobello Riverside development offers a mix of two-bedroom apartments with river views. Two-bed apartments offer the flexibility of a single occupant or a couple using a master bedroom, whilst converting their second room into a dedicated office space. You can always fit out your home with a collapsible desk and a sofa bed so it can be adapted if you’ve got guests staying.” 

If you’re not sure about whether your WFH is long-term, keep the options open 

“There are some great job prospects in Warwickshire for people working locally, or those who might commute into Coventry or Birmingham. On the banks of the River Avon, Portobello Riverside has proved to be an incredibly popular location for commuters to both Warwick and Leamington Spa and further afield. We’ve carefully designed the development to complement the range of nearby historic attractions and the existing environment, with a big focus on open green spaces to strengthen its semi-rural feel.  

"I'd recommend buyers opt for a property with easy access to big cities when you need to work from the office or want those big city lights, but one with even easier access to the great outdoors, when you need that breath of fresh air.” 

 

Clarion Housing Group aims to help tackle the housing crisis by increasing its pipeline of new build developments, with profits reinvested into building more affordable homes and supporting communities.  

Find out more on 0300 100 0309.

 

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A Guide To Part Buy Part Rent
Part Rent Part Buy is a scheme you can use with Home Reach where 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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