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How Shared Ownership is providing affordable solutions for rising rents
With rents continuing to rise across the UK, many aspiring buyers are looking for alternative and affordable routes to homeownership, including Shared Ownership. With just a minimum 5% deposit required at many of Abri Homes’ developments, potential buyers could step onto the housing ladder in areas such as Ascot and Slough with a deposit just over £5,000.
Ascot is known for its exclusivity and historical landmarks including Ascot Racecourse, Windsor Castle and Royal Ascot Cricket Club. The area’s reputation also comes with a significant property price tag, where the average apartment now costs as much as £503,611 and typical monthly rent reaches £2,599.
Abri Homes has launched a stylish collection of one and two bedroom apartments at Sunningdale Park near Ascot, located on 47 acres of historic Grade II listed parkland, available at a lower cost in comparison to homes available on the open market. The development offers high specification homes complete with fitted kitchens and allocated parking all surrounded by acres of gardens, lakes and extensive natural woodland.
Available through Shared Ownership, a one bedroom apartment can be secured with a deposit of £5,312 to purchase a 25% share, with a full market value of £425,000. As well as stepping into homeownership, buyers can also enjoy monthly payments lower than average rent in the area. For example, a one bedroom home at Sunningdale Park would incur monthly outgoings of £1,454* (based on a 25% share), including £730 rent and an estimated £151 service charge per month which is reviewed every year and subject to change.
Shared Ownership also offers a clear route onto the housing ladder, where over time, buyers can invest in their future and gradually step up to full ownership. With nearly four in 10 renters spending 45% or more of their income on essential housing costs, in areas such as Ascot, this type of ownership might just be the difference for many between being able to buy or not.
Meanwhile, in Slough, the average monthly rent is £1,346, with the average house price rising 2.5% to £330,000. To meet the demand for affordable homes, Abri Homes’ Horlicks Quarter development offers 75 one and two bedroom apartments available with Shared Ownership, located on the grounds of the former Horlicks Factory.
Aspiring homeowners can take advantage of contemporary living at this historic landmark location for well under the average area costs, requiring a deposit of just £5,031 through Shared Ownership. Prices start from £100,625 based on a 35% share of a one bedroom apartment with a full market value of £287,500. Monthly costs are estimated at £1,120.40*, including £428 rent and £149 service charge, which is reviewed every year and subject to a price increase.
As well as high-specification apartments, residents at Horlicks Quarter also benefit from a range of onsite amenities, including a concierge, gym, cinema room, rooftop gardens, co-working spaces and onsite café.
The apartments are located right at the heart of Horlicks Quarter, close to the iconic Horlicks Factory clocktower and surrounded by landscaped gardens. Conveniently located for Slough train station and serviced by the Elizabeth line, commuters can reach Bond Street in just 31 minutes.
With affordability concerns across a variety of buyers and the demand for housing outstripping supply, it is not surprising that Shared Ownership is becoming an increasingly popular route to homeownership. In fact, recent research has found that 50% of first time buyers would now consider utilising Shared Ownership as a way to get onto the property ladder.
To find out if Shared Ownership could help your home-buying journey, contact our sales team today by emailing [email protected] or call us on 0800 145 6663.
*Includes monthly rent, mortgage payment and service charge. Affordability and eligibility criteria apply. Visit abrihomes.co.uk/terms for more. Speak to a member of our sales team for more information.
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