Working people who are priced out of buying a home on the open market are turning to a unique scheme exclusively offered by Newport-based housing company serenliving as a means of getting their foot on the increasingly elusive property ladder.
Serenliving, part of the Seren Group, is currently the only organisation in South East Wales offering shared ownership as a real alternative to renting or outright purchase, and is busy working with developers and local authority partners to increase the opportunities for local people to buy through this popular scheme.
Through shared ownership, purchasers only need a mortgage for between 50-70% of the value of the property, and then pay an affordable rent on the remaining percentage. Purchasers have the flexibility to increase the share of the home that they own as and when they can afford it.
This affordable, flexible route to buying your own home, coupled with a competitive mortgage product offered by the Principality Building Society is proving to be an irresistible combination for first time buyers.
‘I purchased a 50% stake in my home with serenliving, who supported me throughout the whole process,” says Carly from Newport, who recently bought a brand new 2 bedroom house in Rhiwderin and is full of praise for the scheme. “I was also able to access a mortgage product with Principality which meant that I did not require a deposit. I wouldn’t have been able to purchase my home without the shared ownership scheme.”
Despite home ownership being at its lowest level since 1988, serenliving has already helped 70 households buy their own home since their shared ownership product was launched in January 2011. And with over 200 new high quality shared ownership homes in the pipeline over the next three years, the company is looking forward to helping many more local households across South East Wales to turn their homeownership dreams into reality.
Tim Beckingsale, Head of Sales & Property Management at serenliving said “People’s aspirations to own their own home remain very strong and shared ownership is a real affordable solution to the financial challenges facing many potential purchasers. I would urge anybody struggling to buy a home outright to contact Serenliving or come along to our next Shared Ownership evening to find out more about this option.”
The majority of serenliving customers have been first time buyers, although people who have been through a relationship break-up or who are older and looking to downsize to a home that is more manageable for them, are still able to access the scheme.
Shared Ownership week ran between 18-24 March across the UK and Serenliving actively promoting the benefits of shared ownership in terms of access to the property market and its contribution to an area’s wider economic prosperity.[sociable/]