As we hit the midpoint of the year, heads are increasingly being turned to the looming General Election. With a raft of new policies which may be announced before we go to the polls, the parties are turning to housing as their wedge issue to attract young voters.
Although mortgage rates have somewhat stabilized with interest rates at around 4% to 5% according to Tembo, homeownership prospects are still somewhat gloomy for first time buyers, especially in areas with high price points such as the capital. However, we are putting homeownership in reach with our shared ownership schemes in London.
According to The Guardian, in March 2024 rents rose at an average of 9%. This is expected to be the biggest hike on record. What’s more, the biggest rise was seen in London, with the average monthly rental price of property now standing at £2,035 per month. This is not an issue which is going away any time soon as we continue to see more of a shift back to the office and the attraction that people feel for London.
There is still a high demand to live in the city, and at SO Resi, we don’t believe that anyone should miss out on living in their dream location due to affordability. As such, we have invested heavily in our accessible homes offering in the capital, so as many buyers as possible can pursue their dreams.
As an award-winning provider of shared ownership, SO Resi’s aim is to allow all types of buyers to take a step onto the property ladder, with the long-term goal of staircasing to 100%. One of our newest developments, SO Resi One Nine Elms, which launched in January, comprises 52 one and two-bedroom apartments all available on the shared ownership scheme. Affordable housing options in the capital are already limited, but in Zone One, they are truly a rarity.
With the market remaining hard to predict and house prices proving to be stubborn, it comes as no surprise that shared ownership is becoming an increasingly attractive prospect for buyers, thanks to its flexibility and low 5% deposit requirement. These homes are located in London’s tallest residential building, and all residents will also have access to the panoramic viewpoint on the 58th floor of the building, with stunning views over central London and the River Thames. When it comes to shared ownership in the capital – we are certainly not compromising on style!
The next couple of months are also looking hugely exciting as we have recently launched our SO Resi Canning Town development off-plan in May, with a show home due to open this summer. A total of 37 homes will be available to buy with shared ownership, with a mixture of one-bedroom to three-bedroom apartments available on-site, perfect for new families, solo buyers, or young professionals – SO Resi Canning Town is suitable for anybody! We are proud to be offering yet another scheme in the capital for buyers, providing people with a range of options to kick start their homebuying journey. When the odds are stacked so highly against the next generation of first time buyers, we are proud to be delivering these homes to the people who need them the most.
tembomoney.com/learn/mortgage-rate-predictions-2024
www.theguardian.com/money/2024/mar/20/averagemonthly-uk-rent-up-9-the-highest-annual-increase-recorded
SO Resi One Nine Elms
Having launched in January, SO Resi One Nine Elms offers 57 homes in the heart of Wandsworth. This includes a range of one and two bedroom apartments with prices starting from £158,750 for a 25% share. Located in London’s tallest residential building, all apartments provide sleek and stylish living, with open-plan main rooms and some homes with river views and private winter gardens. Sandwiched between the two Zone One underground stations of Vauxhall and Nine Elms, served by the Northern Line and the Victoria Line, commuters are truly spoilt for choice with options to get into the City of London.
SO Resi Canning Town
Now available – a selection of 37 one, two and three bedroom shared ownership apartments in the heart of Canning Town. SO Resi Canning Town launched off plan in May with properties ready to move into at the end of 2024. Perfect for new families, solo buyers, or young professionals – SO Resi Canning Town is suitable for anybody. Plus, with brilliant nearby facilities like Billingsgate Market, the O2, ExCel London and Royal Riverside Dock, the apartments are in a prime location for a sociable lifestyle.
SO Resi Hendon Waterside
The development forms part of Hendon Waterside, situated next to the scenic Welsh Harp reservoir – a Site of Special Scientific Interest where residents can enjoy exploring the surrounding woods, trails and footpaths. Available here are 42 studio, one and two bedroom apartments, and two and three bedroom duplex homes, all available on the shared ownership scheme. Prices start from £84,375 (5% deposits from £4,219).
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
