Buying a first property has never been so difficult, or expensive. But when there are Shared Ownership opportunities like those with Sovereign Housing, owning a first home can become a true reality. Find out more about shared ownership and which properties we have available with Sovereign Housing Association across the South of the country.
What is Shared Ownership?
Shared ownership is a means of buying your own home where you share the cost of doing so with another party, such as a housing association or other non-profit-making home provider. You can choose the amount of the property you want to buy, based on what you can afford. You then buy that share with a smaller deposit and mortgage and pay a subsidised rent, plus a service charge, on the share of the property you don’t yet own. It’s important to note that all shared ownership homes are leasehold.
About the shared ownership sector
The government’s last report on shared ownership, published in December 2021 highlighted that there are approximately 202,000 households living in shared ownership homes in England. The demand for shared ownership is highest in areas where affordability is the biggest issue. And this tends to mostly be in the South of the country. In recent years the supply of shared ownership homes has increased, while a new national model for shared ownership has been designed to be fairer, more affordable, and more consumer-friendly.
Who qualifies for shared ownership?
There is some qualifying criteria for shared ownership. Firstly, you need to be over eighteen and you must have a household income that is less than £80,000 per annum. To buy a shared ownership property, you ought not already own a home. Shared ownership is there to support specifically first-time buyers. In particular it helps those first-time buyers who would struggle to save for a large deposit, as well as those who wouldn’t qualify for, or afford, a hefty mortgage.
How shared ownership works with Sovereign Housing
With Sovereign Housing, you only need a 5% deposit for any of their shared ownership homes. And this deposit is 5% of your share value, rather than the whole property. Without the need for an expensive deposit, it can make moving and buying a home even quicker.
In order to get started buying a shared ownership home with Sovereign Housing, it’s vital you prepare the necessary documentation first. This includes registering with the relevant Help to Buy region, completing an application form, and then completing a financial assessment.
The new properties from Sovereign Housing do generate a lot of interest and sell quickly, so it’s important to act quickly with any application.
About Sovereign Housing Association
You will find homes from Sovereign Housing across the South of England. The company has a strong foothold across this region with over 60,000 homes in areas such as Berkshire, Bristol, Hampshire, Oxfordshire, Devon, Gloucester, and Wiltshire.
Here are some examples of the current shared ownership homes they have in development for 2022.
Sovereign Housing properties with shared ownership
Renaissance development, Reading
These stylish two-bedroom apartments, available with shared ownership, form the Renaissance development. It can be found close to Reading town centre and only a short walk away from Reading West train station.
Apartments which are available span the ground floor, first floor, and second floors. All apartments come with carpet and flooring throughout, as well as modern fitted kitchens, a private balcony / outdoor terrace, an en-suite to the master bedroom, and open-plan living.
Find out more about the apartments and what the shared ownership costs would look like, here.
The Printworks, Reading
Another option to buy a shared ownership home in Reading comes via the brand-new Printworks development. With a central location it’s the perfect place to buy if you are a working professional who enjoys frequenting local shops, eateries, and leisure facilities. Not far from the development is also the option to get some fresh air and take in scenic walks along the River Thames and in local parks.
The Printworks offers a mix of one and two-bedroom apartments, with some plots coming with a parking space. This exciting new development has been tastefully designed with homes featuring modern fitted kitchens, balconies, open-plan living, and carpets and flooring throughout.
Take a look at the apartments from Sovereign Housing and discover the costs of a shared ownership home in The Printworks here.
Knights Quarter in Winchester
With a good selection of one and two-bedroom apartments in central Winchester with shared ownership, there’s no better time to secure your new home.
Knights Quarter is in an ideal location: close to excellent transport links, not far from the beautiful Hampshire countryside, and a short walk away from the city centre.
Some plots on the development benefit from a balcony or terrace, while the two bedroom apartments have parking available on a right to park basis. You can expect a modern specification throughout all the apartments with contemporary fitted kitchens, stylish bathroom suites, and tasteful carpets and flooring.
Don’t miss this shared ownership opportunity in Winchester – take a look at the Knights Quarter development here.
Whether you are looking for a property with shared ownership or Help to Buy, we can help you find your first dream home. We list properties from a wide range of housing developers and housing associations, to bring more new-build home choice to first-time buyers. Start your search here
