Shared Ownership Homes In The North East

Posted 23 June 2020 by Keith Osborne

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

With a diversity of city, coast and countryside, the North East of England offers a lot to house-hunters. The latest figures from the Office for National Statistics show that the region has the most affordable ratio of average house prices to average earnings, meaning homeownership is more achievable here than in other parts of the country.

Shared Ownership (sometimes known as part buy-part rent) is a brilliant way to purchase a property on a modest income. The buyer initially pays 25% to 75% of the full market value (FMV) to own a proportion of the home, and pays subsidised rent on the remainder. Over time, a greater share of the property can be bought, up to 100%. The scheme brings the benefits and security of homeownership while requiring 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 the North East right now:

 

Essendene Rise, North Seaton, Northumberland

Home Group has one home for sale at Essendene Rise, a three-bedroom house called ‘The Cherry’ which can be purchased with a 25% share for £33,750 (FMV £135,000). The ground floor entrance hallway opens onto the living room, and from here you can access the fully fitted kitchen and dining area, with French doors opening onto the rear garden. There is also a downstairs cloakroom accessible from the hallway. On the first floor are two double bedrooms, a versatile single bedroom and a tiled family bathroom, with the master bedroom having an en suite and two handy storage cupboards. This house comes with two private parking bays. It’s part of a 92-home development in a town on the coast around 8 miles east of Morpeth and 15 miles north of Newcastle. Find out more about Essendene Rise from Home Group.

 

Summerville Farm, Stockton-on-Tees, County Durham

Summerville FarmThis development is well placed for local shops and amenities, as well as some good schools. The A19 and A66 are both close too. Among the house types on offer with Shared Ownership here is ‘The Cranford’. Prices for a 25% share of one of these ranges from £31,248 to £33,748 (FMV £124,995 and £134,995 respectively). The wide entrance hall leads to a designer kitchen with integrated appliances, and there’s an open-plan living/dining room extending through bi-fold doors to the rear garden. There's also a WC and under-stairs utility cupboard. Upstairs, the master bedroom comes with fitted wardrobes, and the second double bedroom features a storage cupboard. The layout is completed by a family bathroom. Find out more at www.karbonhomes.co.uk.

 

Shoreland Park, Hadstone, Northumberland

Shoreland ParkThis development is only a ten-minute walk from Druridge Bay Country Park and a mile from the coast in one direction, and quarter-of-a-mile from the local shops in the other. Miller Homes has partnered with heylo to offer the Home Reach part buy-part rent scheme on selected plots here. One is ‘The Nevis’, where a 25% share is £38,550 (FMV £154,200). It is a three-bedroom home. It has a contemporary layout, with an unusual corner staircase in the lounge, a separate kitchen/dining room with French doors to the garden, two double bedrooms, a single bedroom and family bathroom. This home also comes with allocated parking spaces. Find out more about Shoreland Park from Miller Homes.

 

Woodland Mews, Peterlee, County Durham

Woodland MewsThese new homes are within walking distance of a comprehensive collection of shops, places to eat and drink, amenities and leisure facilities. The coast is only a quarter-of-an-hour’s drive away. There are a number of three-bedroom homes for sale here, starting at £40,000 for a 25% share (FMV £160,000). ‘The Sycamore’ stands out, as it is laid out over three floors. The ground floor has a spacious entry hallway, WC, fitted kitchen, dining area, lounge and under-stair storage. Off the spacious landing on the first floor are the family bathroom and two bedrooms (one double, one single), with the luxury of a master bedroom with en suite and storage space across the whole of the top floor. A 25% share of ‘The Sycamore’ costs £43,000 (FMV £172,000). Find out more at www.thirteengroup.co.uk.

 

South Green Lane, Ashington, Northumberland

South Green LaneComing soon, with completion planned late summer this year, this development from Bernicia will be delivering six two-bedroom bungalows for Shared Ownership, with prices expected to start at £33,750 for a 25% share (FMV £135,000). These homes are in a tranquil setting with secluded gardens and private spaces, outdoor seating in the courtyard garden and an owners’ lounge. Ashington is around half-an-hour north of Newcastle city centre. Find out more at www.bernicia.com.

 

Bishops Park, Bishop Auckland, County Durham

Bishops ParkIn partnership with Linden Homes, Karbon Homes is now offering a selection of two- and three-bedroom houses here. Twenty minutes from Durham, the development itself is in a market town which offers plenty of shops and amenities, including a number of schools rated ‘Good’ and ‘Outstanding’ by Ofsted. There’s the opportunity to purchase a 25% share of a four-bedroom ‘Mylne’ house type for £53,000 (FMV £212,000), but prices start at £32,250 (FMV £129,000) for a two-bedroom/two-bathroom ‘Hardwick’. Find out more at www.karbonhomes.co.uk.

 

Stephenson Meadows, Callerton, Tyne and Wear

Stephenson MeadowsSituated on the north-west fringe of Newcastle upon Tyne about five miles from the city centre and Gateshead, is this collection of two- and three-bedroom homes, currently priced from £43,750 (FMV £175,000) and £55,000 (FMV £220,000) respectively for an initial 25% share. It is close to a number of local shops and supermarkets, as well as a leisure centre and golf club, and also offers open farmland surroundings. Find out more at www.riversidehomeownership.org.uk.

 

Coniscliffe Grange, Low Coniscliffe, County Durham

Coniscliffe GrangeBeyond Housing is working with Robertson Homes to bring a collection of new build bungalows to this village in a riverside location on the outskirts of Darlington. The homes are perfect for local walks and parks and within easy reach of countryside and the town centre. These homes come with a turfed private garden and two parking spaces, and can be purchased will be available from June 2020. Prices start from £65,400 for a 40% share (FMV £163,500). Find out more at beyondhousing.co.uk.

 

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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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