Use our tool to find out if Shared Ownership is cheaper each month than renting in your area
As the cost of living crisis continues, rent prices in London have increased dramatically. Room shares and private rents can be a great solution but our team have been looking across average London rental prices and have found, in many instances, that Shared Ownership works out cheaper each month than renting. You can compare your area in our tool below.
Getting off the rental treadmill and onto the property ladder
This comparison tool can show you how much you could be paying per month with a Shared Ownership Home of your own vs the average rent for a similar sized apartment in the same area.
Woolwich Reach Rental Comparisons
We compared the monthly prices of our Woolwich Reach Development. We looked at average rent prices for similar-sized properties in the area and then compared them to the monthly outgoings with Shared Ownership. We used an example mortgage rent of 5.99% (although more competitive rates are available).
What’s more, the amount you pay per month – combining both mortgage, rent and service charge – is often cheaper than if paying a mortgage on a property on the open market, or if you were renting privately, although this depends on the size of the share you’re purchasing.
With Shared Ownership, buyers have the luxury of taking paint to walls, hanging pictures, owning pets, and choosing their own furniture – truly putting their own stamp on a home.
Below gives a more detailed breakdown of the finances on a two bed apartment at Woolwich Reach. As these numbers show, one of the benefits compared to renting is that every mortgage payment you make takes you one step closer to fully owning your share of your own home. Buyers can also ‘staircase’ the proportion of the home they own up to 100 per cent.
Can Shared Ownership Work For You?
We want to give a helping hand to people who are priced out of home ownership. Help to Buy was a great pathway to get on the property ladder but it's not the only route. Shared Ownership is ever more popular and has helped hundreds of thousands of Londoners get their foot on the first rung.
You can apply for Shared Ownership with us if:
You don’t already own a home (or you’ve sold your current home before you purchase)
Your household income (i.e. the earnings, before tax, of the people who want to buy) is less than £90,000 (if you're buying in London)
You may even get priority if:
You're a council or housing association tenant
You already live or work in the area where you want to buy
Your local authority has put you forward.
If you’re unsure about whether you qualify just give us a call and we can talk through your situation.
What Happens Next?
Once you have decided shared ownership is for you the next steps are straightforward. Our team have helped thousands of people through the process and are there to assist you at every stage.
1. Start Your Journey
Chose The right home for you. Look through our developments or give us a call to see what could be the right match for you.
2. Eligibility
Complete our application form. We'll check your form to see if you've met the criteria for shared ownership.
3. Check Out The Development
Book a viewing, either virtual or in person, with our sales experts.
4. Select Your Preferred Home
Have you seen something you like? tell us which home you love.
5. Offer
We'll then offer you this property or something similar in the development.
6. Purchasing Interview
You'll supply evidence of your income, savings and other required information to one of our financial advisors. They will review whether buying the home is affordable for you in more detail and will find you the best mortgage deal.
8. Exchange Of Contracts
You are nearly there; exchanging contracts means everything is tied up. We've legally agreed to sell you the home and you've agreed to buy it.
9. Home Demonstration
When the building is ready, we'll invite you to see the home before you move in. You'll be given an owner's manual and make sure you are familiar with key features.
10. Legal Completion - You're a home owner!
You have brought your home and you are ready to move in!
