It might be worth talking to estate agents in Hull about shared ownership if you're looking to take that first step on the property ladder sooner rather than later. But what exactly is this and how could you stand to benefit if you did go down this route to homeownership?
Shared ownership housing schemes are typically aimed at first-time buyers and you should think about it as a cross between renting and buying. You will end up owning a share of the house and then rent the part that you haven't bought at a reduced rate. You normally buy between a quarter and three-quarters of a house and you will likely be given the option to buy a bigger share later down the line, with the idea aimed at those who don't earn enough to be able to buy a house outright.
The majority of the houses involved in this path to homeownership are new-build properties, although some older ones are starting to come onto the market as housing associations look to sell them on. You should always bear in mind, however, that shared ownership homes in England are usually only available on a leasehold basis.
New research from the Council of Mortgage Lenders has found that approximately 200,000 households in the UK are living in shared ownership homes. However, it looks like this sector could well grow by 70 per cent in the next five years if the government achieves its goals.
The report indicates that if shared ownership is to become a meaningful option for would-be homeowners, lenders need to have consistency and uniformity in leases instead of a number of different local schemes that all have individual characteristics.
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