The East of England offers the option of urban and rural life, as well as hundreds of miles of coastline. It combines this with great accessibility to London and other conurbations, which means that as people increasingly consider moving out of cities, they can still find places that offer a convenient commute and play connections.
The latest figures from the Office for National Statistics show that the region is the third most expensive property region in England/Wales, based on the ratio of average prices to average earnings, so affordable housing is of particular interest here.
Shared Ownership (also referred to as part buy-part rent) is a brilliant way for people on a modest income to get a first step on the property ladder. The buyer starts by purchasing 25% to 75% of the full market value (FMV) of a home and paying subsidised rent on the remainder. Over time, they can purchase a greater share of the property (a process known as staircasing), up to 100%. The scheme brings the benefits and security of homeownership while requiring a much lower deposit than an equivalent open-market property, and the combined monthly mortgage/rent payment can be much lower than buying or renting outright.
We take a look at some of the Shared Ownership homes for sale in the East of England right now:
Alconbury Weald, Cambridgeshire
There are thousands of homes coming to a brand new community underway on a former military site near Huntingdon, with several housebuilders delivering homes in a range of sizes, designs and budgets. In partnership with heylo, Crest Nicholson is offering some of its properties on the Home Reach part buy-part rent. Prices currently start at £89,975 for a 50% share (FMV £179,950) of a range of one- and two-bedroom, open-plan apartments at Wellington House. Find out more about Alconbury Weald from Crest Nicholson.
The Ridings, Norton Heath, Essex
In a rural setting within easy reach of Chipping Ongar, Ingatestone and Chelmsford, the last home is available here from Moat Homes, a three-bedroom house costing £130,500 for a 30% share (FMV £435,000). There’s a fully fitted kitchen and bathroom, flooring included throughout, garden with patio and turf and two private parking spaces. Applicants must have lived and/or worked in the Epping Forest district for a minimum of five years, with priority given to people who live in the district. Find out more at www.moathomes.co.uk.
Orbit at Willowbrook, Bramford, Suffolk
There is just one home remaining for sale at this development on the north-western fringe of Ipswich, surrounded by beautiful Suffolk countryside and rolling hills yet only a short drive to the A14 with links to Bury St Edmunds and beyond. Plot 63, ‘The Jasmine’, is a mid-terrace two-double-bedroom house which is priced £91,000 for a 40% share (FMV £227,500), having open-plan living room/diner, separate kitchen with integrated Hotpoint appliances, a south-facing garden and two allocated parking spaces. Find out more at www.orbithomes.org.uk.
Park Mead, Bushey, Hertfordshire
There are current a number of apartments for sale here. Prices start at £130,000 for a 50% share of a one-bedroom home (FMV £260,000) to £185,000 for a 50% share of a two-bedroom unit (FMV £370,000). Bushey is a sought-after place to live which retains a ‘village’ atmosphere while being very well connected via its own railway station and numerous nearby Tube stations. The M1 and M25 are close at hand. There’s excellent shopping here, as well as a great range of leisure facilities and some top-rate state and private schools. Find out more at www.domovohomes.co.uk.
Meadow Croft, Houghton Conquest, Bedfordshire
This development is a few miles south of Bedford and provides a mixture of two- and three-bedroom houses, all featuring private gardens and two allocated parking spaces. Prices start at £115,000 for a 40% share of a three-bedroom mid-terrace homes (FMV £287,500), rising to £132,000 for a 40% share of a three-bedroom detached house (FMV £330,000). Find out more at stonewaterhomes.co.uk.
Wensum Place, Fakenham, Norfolk
Clarion Housing Group is building a selection of two-, three- and four-bedroom homes situated in the historic town of Fakenham, around half-an-hour from Norwich, King’s Lynn and Cromer. There’s a great range of homes available, ranging in price from £48,000 for a 30% share of a two-bedroom apartment (FMV £160,000) to £98,000 for a 35% share of a three-bedroom house (FMV £280,000). Our favourite is ‘The Swanton’, a spacious two-bedroom semi-detached house with living room, en suite master bedroom, private garden and two parking spaces. This is £84,000 for a 40% share (FMV £210,000). Find out more at www.myclarionhousing.com.
Wolf Square, Peterborough, Cambridgeshire
There’s a great three-bedroom starter home here, ‘The Hazel’, which has a fitted kitchen with neutral worktops, styling bathroom, carpets and wood-effect flooring throughout, two parking spaces and a fully enclosed, turfed rear garden. It’s priced at £80,000 for a 40% share (FMV £200,000). This development of 200 homes is located approximately two miles from the city centre, with easy access to major transport links. There are a number of nearby amenities, including a medical centre, recreation ground, Ofsted ‘Good’ schooling, supermarket and retail park. Find out more at www.crosskeyshomes.co.uk.
Finches Park, Kirby Cross, Essex
Linden Homes is selling a range of three- and four-bedroom homes here with the Home Reach part buy-part rent scheme. Prices start at £117,000 for a 50% share (FMV £234,000). Finches Park is a development on the outskirts of Frinton-on-Sea. Kirby Cross has its own railway station and is only a five-minute drive from the town centre and beach. It’s well under an hour from towns and cities such as Ipswich, Bury St Edmunds and Chelmsford. Find out more about Finches Park from Linden Homes.
Milliners Place, Luton, Bedfordshire
This is a collection of one- and two-bedroom apartments within easy reach of the town centre and two stations on the Thameslink line into Bedford and central London. The M1 and A6 are also close. Shares can start at 25%, with a one-bedroom home from £41,875 (FMV £167,500) and a two-bed from £48,750 (FMV £195,000). www.paradigmliving.co.uk.
Crown Place, Fenstanton, Cambridgeshire
Situated in a town between Cambridge and Huntingdon, this is a diverse development of one- to five-bedroom homes is a range of styles. Currently available are Plot 74, a two-bedroom house where a 40% share can be purchased for £104,000 (FMV £260,000) and Plot 73, which has two double bedrooms and a single bedroom, priced £130,000 for a 40% share. (FMV £325,000). Both homes have a private garden and off-road parking. Find out more at www.sagehousing.co.uk.
Find affordable homes developments in the East of England