Increased Rental Prices – How Shared Ownership Can Help
According to Rightmove, rental asking prices in London increased by 5.6% in the past year to September 2019, and in the Capital rents are at a record £2,104 per calendar month; the biggest jump since the housing portal started recording data.
There are a number of reasons behind the increase in rental rates. However, the most significant is the fact that there are fewer homes to choose from, as private landlords are increasingly selling their homes due to higher taxation. Indeed, the availability of rental properties is 24% down in London in the latest quarter.
This means that in popular rental areas, such as London and the South East, tenants need to move quickly in order to secure their desired rental properties, as competition is fierce.
It’s for this reason that Shared Ownership is a great option for those affected by high rents and a shortage of rental homes, as it enables buyers to easily get on the property ladder.
With Shared Ownership, first time buyers often find that their monthly outgoings are less than renting. Plus, Shared Ownership is an accessible way to get on first step on the property ladder, as a deposit is only required for the share of the home purchased, meaning that deposits start from as low as £6,040 (based on a 35% share of a one bedroom apartment at The Refinery, E16).
To view our range of homes, from riverside apartments in Bow to contemporary architectural homes in Brighton, visit our website.
Are you looking for a stylish and modern home in London or the South East?
Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale on a Shared Ownership basis.
If you're a first-time buyer and interested in owning a Shared Ownership property in London or the South East, then take a look at our range of developments.