How This Stockist Is “Treading” The Road To Home Ownership

Despite current challenges, the UK remains a country of homeowners, a new report reveals: interest rates rise despite average UK house prices breaking the £300,000 barrier Inflation continued to reach a 40-year high.

Affordable housing providers to see how young people feel about owning a home when the odds are stacked against them. So the resolution Recently, more than 2,000 children ages 18 to 30 across the country were surveyed.

It turns out that 70% of them are still eager to have their own house, but less than a sixth were able to buy and more than half were rental houses.

However, renting is often viewed as a necessity rather than a lifestyle option, with 60% of respondents saying they can afford it. Many residents are dissatisfied with the need to “throw away” what they perceive as dead money, the inability to personalize real estate, and the slow response to renovations by owners.

When dreaming of owning a home, two-thirds admitted that they knew nothing about the home-buying process and half admitted to trusting their parents’ advice.

As you can imagine, affordability is seen as the biggest barrier, with 61% of 18-24 year olds and 53% of 25-30 year olds, but it’s now just over a quarter. Money saved for deposit.

Sufficient savings have been identified as a major hurdle, with 46% of 18-24 year olds and 39% of seniors expecting to be unable to purchase a home for at least five years.

Co-ownership (a portion of the home can be purchased with a low deposit and rent paid for the rest of the property) is an affordable way to climb to the top rung of a residential ladder, but for less than one-fifth the cost. … 18.18. Less than a third of 24- and 25-30-year-olds knew this, but only 19% thought so.

“When the term was clarified, the interest increased to 47% in the youngest age group and 42% in the oldest age group, with the option of paying a low deposit to make this type of purchase more attractive.

“Our research shows a serious lack of education about housing options for young people,” said Kush Rawal, director of housing investment at SOResi.

“The industry must take action now to ensure a positive approach to providing homeownership education, regardless of future tenure. Otherwise, generations stand to lose everything.”

Daniel Parker, 28, had never heard of co-ownership until his sister used the plan. Living with his parents in Oxford, one of the most expensive cities in the country, he realized that he had to go further to have the opportunity to buy.

After considering various options, he discovered MY Resi Upton Square on the outskirts of Northern Pton and bought a 75% stake in the one-bedroom apartment for £95,000 with a deposit of just £5,000.

“When my sister bought a shared ownership house, it really opened my eyes to how home ownership would become a reality,” explains warehouse worker Daniel.

I knew I couldn’t afford to buy it in Oxford, so when I found a place to live, I looked outside for a transfer. During my vacation, I started saving during various lockdowns. This increased my savings and saved me £5,000.

After finding MY Resi Upton Square and reserving a home, I started looking for a new job and decided to move earlier this year. I am now within walking distance of my job in Northern Stampton, but not far from my family.

With co-ownership, anyone with a maximum household income of £80,000 (£90,000 in London) and a budget of less than £100 can buy a share with the balance covered by the housing association’s monthly rent.

Only a 5% or 10% deposit is required for the interest you buy and then you can buy more shares in a process called a ladder.

The new government co-ownership model lowers the minimum initial share from 25% to 10%, allowing co-owners to climb the ladder at significantly reduced rates in 1% increments instead of 10%. I have a cash register. Available from 2017, the housing provider will cover maintenance and repair costs for 10 years.

Daniel feels that he was one of the first common owners since the changes were introduced in the development process and offers additional security. “For me, the biggest advantage of the new co-ownership model is the change in repair and maintenance costs,” he says.

“As a co-owner, I feel like I have multiple levels of protection, reducing the risk of an unexpected high bill. Rest assured.

“The stair element is also useful, but my goal is to save enough to break the stair into large pieces. You can expand the properties as much as you can at your own pace.”

It gives the co-owner the opportunity to become an owner. “In the beginning I bought a big stake, but that was all I could borrow, so it couldn’t be helped on the open market. It was a shared ownership or a stack. [my parents’] At home. ‘

MY Resi Upton Square is just outside the historic center of Northampton, next to Upton Country Park and River Nene, convenient to M1. The current co-ownership phase is sold out, but more homes will be available this autumn, from £36,250 to £145,000 with a 25% stake.

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