Shared Ownership Homes In Lancashire

Posted 22 May 2020 by Keith Osborne

We take a look at some of the brand new Shared Ownership homes for sale around Lancashire right now...

There’s much to admire about Lancashire as a place to live and there is much to choose from for house-hunters, including those who want to get on the property ladder for the first time through Shared Ownership.

The county is known for many things, from its leading role in the Industrial Revolution to its cultural heritage in the arts, entertainment and sport, and its beautiful landscapes. There are all sorts of places to live, including urban centres like Lancaster, Preston and Blackburn, numerous semi-rural and rural villages and well-loved coastal resorts, notably Blackpool, Southport and Morecambe.

Shared Ownership is a great way to buy a property on a modest income. A proportion of it is purchased – initially, from 25% to 75% of the full market value (FMV) – and a subsidised rent paid on the remainder. It brings the benefits and security of homeownership but requires a lower deposit and mortgage than an equivalent open-market property.

We take a look at some of the Shared Ownership homes for sale in Lancashire right now...

 

Barton

Cedar PlaceWainhomes is currently offering two homes at Cedar Place in the village of Barton on the Home Reach part buy-part rent scheme, which allows buyers to purchase 50% of the home and pay rent on the remainder. These are a two-bedroom apartment, £62,475 for a 50% share (FMV £124,950) and three-bedroom house (£87,475 for a 50% share of FMV £174,950). Barton is just a few miles north of Preston, has some ‘Outstanding’-rated schools and is within easy reach of the M6 and M55. Manchester and Liverpool are 40-50 minutes away.

 

Poulton-le-Fylde

Moorfield ParkSnugg Homes’ (snugghomes.co.uk) Moorfield Park is a collection of three-bedroom family homes just three miles from Blackpool. Price start from £43,250 for a 25% of the FMV of £173,000 for these semi-detached and mews properties which come with a contemporary kitchen with integrated appliances and French doors leading out into the landscaped garden. They each have a spacious lounge, downstairs WC, well-proportioned bedrooms, and off-road parking. Applicants for these homes must have a local connection to the Wyre Borough. Poulton is a well-connected town and has an award-winning ‘Outstanding’ comprehensive school.

 

Scarisbrick

Willow GreenIf you love the coast and countryside, it’s only 15 minutes to Southport seafront from Willow Green, a development for Onward Living (www.onward-living.co.uk) in semi-rural Scarisbrook, where there are still two properties available to buy through Shared Ownership. It’s an exclusive development of just four homes, all with three bedrooms and appealing to growing families, couples and young professionals alike. Close to construction completion, each includes a high-quality specification, open-plan living space, off-road parking, turfed rear gardens and a range of extra features. From £68,250 for a 35% share (FMV £195,000), both homes are ‘The Brook’ house type, and the price covers fully fitted kitchens, carpeting/vinyl flooring throughout, a turfed rear garden and allocated parking.

Sandy Kelly, head of sales at Onward Living, said: “This development sits in a great location, surrounded by beautiful open countryside while offering easy access to Southport, Ormskirk and Liverpool. Available for Shared Ownership with just a 5% deposit, these homes are perfect for first-time buyers and families. And with a high specification and flooring included, would-be buyers can move straight in. We’ve received lots of interest and, with a couple of reservations already, we’re looking forward to welcoming our first homeowners soon.”

 

Higher Bartle, Preston

Tabley GreenOff Lightfoot Lane on the northern fringe of Preston, Together Homes (www.mytogetherhome.co.uk) is selling some Shared Ownership homes alongside Redrow’s Tabley Green development and is delivering a modern collection of two- and three-bedroom houses as well as two-bedroom apartments. One example is ‘The Evesham’. This has a fully fitted kitchen/dining room at the front and a spacious lounge at the rear with large glazed windows to the garden. Two of the bedrooms are doubles (with en suite to the master), and there’s a smaller third bedroom which could function as a study/home office. These homes are off the M55 and around 10 minutes from Preston city centre. ‘The Evesham’ is priced £59,150 for a 35% shared (FMV £169,000).

Frances Clarke, head of lettings and sales for Together Housing Group said, “Despite the significant impact of coronavirus we have continued to receive lots of interest in our affordable homeownership products, because now more than ever, housing solutions such as Shared Ownership, are extremely important to help people live in a home they would otherwise not be able to afford on the open market. Shared Ownership is a fantastic product that enables people to enter on to, or stay on the property ladder, because it offers an affordable solution to homeownership.

“The properties at Lightfoot Lane in Garstang are a perfect example of beautiful new homes available to buy in an area where individuals and families may have been priced out of the market. We have a range of stunning apartments and two- and three-bedroom homes available to purchase on site now. We have developed ways to continue selling properties throughout the lockdown and are beginning to offer customers safe solutions throughout the purchasing process such as virtual viewings.”

 

Great Harwood

Lyndon ParkKeepmoat is working with Home Reach to offer part buy-part rent on selected plots at its Lyndon Park development, which is only five miles north-east of Blackburn. Both are semi-detached houses with two double bedrooms and one single, a kitchen/dining room and a separate lounge which leads out to the garden. One example is the ‘Alerton’ (pictured), where a 50% share is £87,500 (FMV £175,000). There’s also the ‘Berkley’, which can be purchased with a 35% share at £61,598, (FMV £175,995).

Craig Murphy, regional managing director at Keepmoat Homes, said: “We have 43 Home Reach plots at Lyndon Park, 16 of these have sold so far. Shared Ownership appeals to a wide range of buyers allowing them to purchase a new home with a lower deposit and a share in their new home of between 25-75% which they are able to increase over the lifetime of the agreement. It offers first-time buyers a more affordable way to get a foot on the property latter.”

 

Kirkham

The SpinningsKirkham is halfway between Preston and Blackpool (15-20 minutes by car, quicker by rail). Under a mile from Kirkham and Wesham station, there are currently two homes available at The Spinnings, both semi-detached with two bedrooms and for sale for £66,000 for a 40% share (FMV £165,000) from Sage Housing (www.sagehousing.co.uk). There’s a kitchen at the front, a downstairs WC, lounge/dining room with doors to the garden, family bathroom and two double bedrooms, one with an en suite. Each also has a long driveway for off-road parking.


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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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