First-time buyers often perceive that properties in the countryside are only within reach of the very rich, and their only chance for affordable housing is to head to the city. Well, shared ownership could change all that.
In recent years, the cry from those who have lived in rural areas is that they are often priced out of the market for new developments or outflanked by families fleeing urban life for a slower one.
But first-time buyers can now dare to dream and, if locally-based, stay within the area, with the emergence of shared property ownership schemes. And the great thing is, there are many properties under shared ownership available across rural Britain just waiting to be snapped up.
Shared ownership allows first-time investors buy between a quarter and three-quarters of a property, with a small deposit, while paying rent on the other part of the house, which is usually owned by a housing trust.
Investors need to be earning a shared household income between £20,000 and £80,000, and they have the option of buying a more significant share when they can afford to. And the bonus is that the government has set aside £7 billion annually to aid first-time buyers.
While many new build projects are offering shared ownership apartments and homes, there are also numerous shared ownership resales available in the countryside. For example, Southern Home Ownership provides a variety of family homes in the country across the rural south-east on a shared ownership basis.
Shared ownership resales are newbuild properties with a shared owner aspect being resold to another buyer. They purchase the percentage of the property held by the current homeowner, then pay the rest in rent to the housing association as normal.
Conditions may apply, such as families or first-time buyers having links to the local areas, or if potential buyers are military personnel.
Nevertheless, shared ownership is an affordable way to enter the market, and with the mortgage and rent combined is usually less costly than renting or paying a full mortgage.
Property Booking, a popular online portal, also has over 2,000 homes within a number of rural areas across the south-east available for shared ownership. Their portfolio is also back up by a team of experts who can provide first-time buyers with timely advice and guide them through the application process.
Moat Homes is another leading housing association offering shared homes in rural Kent and the south-east of England. Properties, both new, traditional, apartments and three-bed homes are on offer to shared ownership buyers in the likes of Herne Bay, Tenterden, Tunbridge Wells and Thurrock.
It’s good to know that over 40,000 first-time buyers have opted to go down the shared ownership route so you can proceed with confidence.
All you need do is work out your finances, approach a shared ownership property specialist to get the right advice and consider the way forward to get your first step on the property ladder in the country.
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Image credit: Malc McDonald