Posted: 28 Feb 2018
An update on flagship housing policies
It was recently revealed, in a key housing strategy document, that the Government may have downgraded in importance two of its previous flagship housing policies; the promise to build more Starter Homes and an extension of Right to Buy.
The new “single departmental plan” does not mention the Government’s previous pledge to build 200,000 new homes by 2020.
The downgrading in the importance of Right to Buy and the removal of specific Starter Home targets will undoubtedly have a significant knock-on effect for first time buyers who are struggling to get on the property ladder.
The impact of building fewer Starter Homes, which are offered at a 20 per cent discount, will be especially felt in London. Indeed, a recent survey found the Capital’s rental market to be the most expensive in Europe (link to blog post), making it hard for prospective buyers to save in order to purchase their own home.
Fortunately, Shared Ownership provides an alternative way to assist first time buyers in the purchase of a home. Shared Ownership allows prospective buyers to own a share of a home, typically 35%, which can then be increased at a time suitable.
Shared Ownership also requires a smaller deposit in comparison with buying on the open market, making the scheme attractive for first time buyers with limited savings.
Our own portfolio of Shared Ownership properties in London and the South East are also modern, spacious and well located, meaning that first time buyers don’t have to compromise in order to find a suitable starter home.
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 buying a Shared Ownership property in London or the South East, then click on this link to take a look at our latest developments.