We’re breaking down barriers to homeownership for local people living in and around StaffordshireDate: 03/02/2023
According to the ONS, house prices in the UK are now 58 times higher than in 1971. Alongside this, homeowners aged 25-34 are said to have dropped by nearly half in the last three decades.
As a result of this data we’ve stepped in to make sure local people can get on the housing ladder with affordable options to buy their first home.
We provide over 3,000 homes to local residents across Staffordshire and beyond through affordable rent. Now, as people face increased challenges around home ownership, we’ve increased our offer to help those looking to buy their own home.
This was the case for customer Jamie, a first-time buyer, who bought a home for himself and girlfriend Lauren.
“I was looking to buy a home for me and my girlfriend to live in, but a traditional mortgage meant we couldn’t afford to live in a new build home”, said Jamie.
“I heard great things about shared ownership from a friend, so I decided to look. We loved the estate and when we discovered Staffs Housing were offering homes with shared ownership, we jumped at the chance.
“Moving was so smooth, and they helped us through the whole process. The house was brand new and ready for us to move in to.
“Shared ownership meant we could get more house for our money. If I’d taken out a traditional mortgage, we wouldn't have been able to live in a house as nice as this.
“Eventually we’ll buy more shares and own it outright. It’s been a great way to help us get on the property ladder.”
In the last five years we’ve worked on developments in Sandbach, Crewe and Cheadle, providing 57 homes to local people.
We empower people with an affordable way to buy their own home with shared ownership.
It’s a part rent, part buy scheme where residents purchase a share of a home and pay rent on the rest. It means they only need a smaller deposit and mortgage than if bought outright and often works out cheaper than private renting.
For some it’s the steppingstone needed to get on the property ladder, and they later go on to buy more shares until they own 100%.