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Last updateTue, 10 Dec 2019 2pm

New shared ownership homes get first time buyers on the property ladder

Recent reports published by Hamptons International suggested that the average first-time buyer could take around 10 years to save enough money for a house deposit, and in London the wait could be as much as 16 years. Specifically, in Surrey, the average deposit saving time for an individual is 13 years and 6 months, and for a couple five years and 9 months. Those keen to jump onto the property ladder within Surrey will be pleased to hear about a brand-new set of homes within the area, supported by a shared ownership scheme. Housing association Aster has recently launched its latest edition to the market, comprising a range of brand-new stylish home options including a set of one-bedroom apartments, two- and three-bedroom semis and a range of three-bedroom detached homes. 

The reports reflect the wider property market at current; property is extremely expensive to buy, yet wages aren’t high enough to cover the current fees. Because of this, it’s taking an extremely long time for young people to be able to save enough for a 10% - 15% deposit and taking the necessary steps to get onto the property ladder can be both testing and frustrating. 

Aster is supporting buyers, by offering a range of homes across the South of England that are available through shared ownership schemes. The shared ownership scheme within Surrey gives buyers the opportunity to purchase between a 25% to 75% share of a property, paying a subsidised rent on the remainder. With prices starting at £102,000* for a 40% share, buyers could secure one of the brand-new properties for a 5% deposit for as little as £5,100*. Not only do shared ownership schemes eliminate the need for a hefty deposit, they also give the opportunity to purchase back shares of the home as and when buyers are ready. In theory, buyers could continue to purchase back shares within their home, in turn reducing the level of rent owed to the housing association, before owning the home completely outright. 

The homes available on the scheme benefit from a range of desirable aspects, with one, two- and three-bedroom properties available. Boasting open plan spaces and light and airy rooms, the homes are ideal for couples and families alike, yet are also set up perfectly for friends looking to share. 

Residents looking to purchase one of the shared ownership homes in Surrey can look to the endearing village of Cranleigh, where they will have easy access to a real range of amenities with everything from an art centre to local businesses to enjoy. Transport links are also particularly accessible, the new properties are just a short distance from both Guildford and Horsham, which have links to London St Pancras and London Victoria amongst other stations. 

*Prices start for a one-bedroom apartment through the shared ownership scheme at Little Meadow, Cranleigh from £102,000 based on a 40% share of the full market value of £255,000. Further information or to register your interest visit www.aster.co.uk/sales/developments/surrey