This week (20 – 26 September 2018) is Shared Ownership Week, a national campaign raising awareness for a scheme which is offering an option to thousands of aspiring home buyers.
Shared ownership is helping a lot of first time buyers get their foot on the property ladder – including Sian Warden, who earlier this year bought a shared ownership at Uplands Mill in Biddulph.
The scheme is a part-rent, part-buy, where the home owner has a share in the property and then pays rent for the remaining percentage. There’s then the option of buying more shares in the house until the home is owned outright.
Sian moved from Manchester to the local area 4 years ago with her parents and has been saving up to buy her own home since and move out of the family home ever since. The coffee shop manager wanted to stay in the local area to be near her parents: “I’m on my own and I don’t earn a lot of money, so shared ownership was my only options to get onto the property ladder”
“If it wasn’t for shared ownership, I’d probably still be living at home by the time I’m 40. It’s just impossible when you’re on your own.”
Like many, Sian didn’t want to start renting when she still had the option to stay at home and save more money: “I’d rather put in the money that I’d saved and buy a property. After two years, I’m hoping to have saved enough to buy more shares. I really enjoy having my own space and being able to do what I want.”
This years’ ambassador for Shared Ownership Week is broadcaster and director Reggie Yates. Speaking to Shared Ownership Week, he said: “I’ve chosen to support [the week] because I realise the importance of having your own home. I have younger siblings who aren’t as lucky and I’m very aware of the predicament they’re in.
“Shared Ownership makes taking a step onto the property ladder possible for so many. If you’re thinking of taking the plunge and becoming a home owner, but you don’t have the help of the bank of Mum and Dad, then the support and information that this event offers is incredibly important.”
Sarah Oliver, Housing Services Team Leader at Staffordshire Housing Group, said: “Shared ownership is a great option for first time buyers who aspire to own their own home but saving for that initial deposit would take years. You can purchase a home with as little as a 10% deposit, depending on the mortgage provider, and this means dreaming of home ownership can become a reality.”
If you’re interested in learning more about shared ownership opportunities at Staffordshire Housing Association or viewing any of our available shared ownership homes, click here or call 01782 744533.