Recent findings from The National Housing Federation suggest that a first-time buyer needs a Â£93,000 annual salary to buy an average priced house in London.
Notting Hill Home Ownership, the first housing association to introduce shared ownership, suggests more Londoners should consider the option of shared ownership. In fact since the recession struck Notting Hill Housing seen an 80 per cent increase in the number of viewings and reservations for shared ownership at its housing schemes.
Shared ownership, once stigmatised by the middle class society as the poor man’s alternative to housing, has become the lifeline not only for first-time buyers desperate to get on the property ladder, but also middle-income young professionals and families.
Mark Vaughan, Director of Home Ownership for Notting Hill Housing comments: “These recent figures show that for many people buying a home in the capital is just a dream and affordable routes to home ownership are proving more attractive than ever. We are seeing a sharp rise in demand for shared ownership across our schemes, as it is a good, effective way to get onto the property ladder for buyers unable to secure a mortgage on the high street.”
Shared ownership, especially in London, has started to be viewed in a different light as many homebuyers now believe it is the only way they can afford to get on the property ladder.Shared ownership is becoming chic. It is now available in some of the best locations and is attracting middle-class buyers, the earn-a-lot-but-not-enough group, known by housing pundits and London’s mayor Boris Johnson, who champions them, as”the intermediates”.
The initiative is the most affordable and flexible form of low cost home ownership on the market. The scheme offers eligible people the chance to buy between 25%-75% of a property from a housing association and pay an affordable rent on the remaining share. The beauty of shared ownership is that people can increase the share they own over time, known as staircasing, and ultimately own the property outright.
Notting Hill Home Ownership currently has a range shared ownership homes available. At Bridges Wharf, Battersea for a one-bedroom apartment you must be earning at least £29,000 (single applicant) or £33,000 (joint applicants). For a two-bedroom apartment you must be earning at least £36,500 (single applicant) or £44,000 (joint applicants).
For further information on Notting Hill Housing Ownership and to view the homes available see please visit www.nottinghillhousing.org.uk.