Guinness Homes: Why buy in Leeds?

Shared Ownership homes available at Points Cross

The housing market at a glance

Whilst it is being reported that increases to housing prices have slowed or evened out, high interest rates and uncertainty mean that mortgages are more expensive than ever before – potentially pricing out prospective buyers. For those looking to get onto the property ladder, with inflation still high at 7.9% (June 2023), and interest rates likely to rise again from 5%, these uncontrollable factors can make it feel like homeownership may never be within reach.

However, for those wanting to escape spiralling rents or move out of family homes, there are still ways to get on the property ladder – Shared Ownership is one of the leading options.

How Shared Ownership can help

Simply put, Shared Ownership is another way to buy your home. Rather than buying a property outright and having to provide a large deposit and higher mortgage, Shared Ownership means that buyers purchase a percentage of a property (typically between 25%-50%) and pay a low monthly rent to the developer on the unpurchased shares. This typically means a smaller deposit and mortgage, and therefore lower monthly repayments.

Despite only purchasing a percentage of the property, it’s still the buyer’s home. Buyers are able to decorate the property to their taste and decide if and when to sell when the right time comes. Buyers are also able to increase the share of the property that they own in a way that aligns with their financial situation, in a process known as ‘staircasing’. Many homeowners choose to continue staircasing up to 100% of the property, which when achieved, results in rental payments no longer being required.

Shared Ownership is ideal for first time buyers and those whose household income does not exceed £80,000 and is an ideal way for many to take their first step on the property ladder.

A house buyers’ heaven

Located in the heart of the North, Leeds has plenty to offer to prospective home-buyers, including a thriving retail scene, diverse cuisines as well as various independent markets and music events.

Leeds is currently the UK’s fastest growing city, with a rich culture presented in its local museums, its proximity to other historic cities such as York, and the beautiful surroundings of the Yorkshire Dales. As the UK’s fourth largest city, it’s also home to five universities and surrounded by quality school catchment areas – perfect for individuals with children, or those who are thinking of starting a family.

The signs ‘Point North’ at Points Cross

With so much to make Leeds an attractive hotspot for homebuying, Guinness Homes’ Shared Ownership development, Points Cross, offers one, two and three bedroom flats and three bedroom duplexes, a short 15-minute walk from the city centre. With prices starting from £84,500 for a 50% share in a one bedroom apartment, Points Cross offers an affordable route in homeownership in the city, with a 5% deposit on a one bedroom apartment potentially as low as £4,150.

Situated beside the waterfront in the centre of Leeds South Bank, the properties come with an onsite fitness centre, private outdoor spaces and shared podium gardens, making it a communal development suited to anyone, of any age. The properties boast high-specification amenities in spacious, open-plan apartments, with convenient transport links designed for those looking to make the most of city life.

So, whether you’re a first time buyer, looking to downsize or looking for more affordable options, Shared Ownership is helping more people achieve their homeownership goals.

For more information on Shared Ownership, get in touch with Guinness Homes. To make enquiries about Points Cross, our Shared Ownership development in Leeds, click here.

Share to Buy is a one stop shop for affordable homes. On our website, you can search for properties, compare mortgages and find out all you need to know about alternative home-buying schemes such as Shared Ownership via our article index.