The number of adults aged 25 to 34 living with their parents in the UK is set to grow further if property prices keep rising, according to a new study. This demographic has already risen by 37% over the last ten years, largely due to rising property prices. The average price in London has risen by 72% to £471,742 over the last decade, with prices in the South East up 41% to £311,514.
If this trend continues it will place increasing pressure on home ownership because owners will remain in their homes (along with their adult offspring) rather than downsize. This will in turn exacerbate the shortage of family homes.
Increasing numbers of first-time buyers are now realising that shared ownership can offer them an alternative route to home ownership, even if they have a relatively small deposit. Buyers can for example, start with a 25% share in a property and increase this to full 100% ownership over time.
Eligibility for the shared ownership is dependent on income; with a maximum household income of £90,000 in London and £80,000 elsewhere in the UK. Most schemes also operate an allocation process with requirements such as where the buyer lives and/or works. In most cases the purchaser must also be a first-time buyer.
Currell is a leading player in the shared ownership market across London and the South East. We sell a wide range of shared ownership homes, and can help make the complex procedure of buying a new home into a seamless process.
Shared ownership properties often form part of a larger development, and are sold alongside private market homes. Currell recently sold apartments of both types in the Great Eastern Building in Hackney E8, pictured above.
If you are interested in buying a shared ownership property why not take a look at the homes currently available on our website or to find out more contact a member of sales team on 020 7704 5618 or email email@example.com