A New Age Of Housing Associations

Housing associations have come some way since the 'old days' when there were only a few of them and the number of properties available was limited

. These days, there is a lot more property available because there are planning laws in force that ensure that developers make a share of property available to housing associations. These may be rented or sold to first time buyers.

With the boom in the property market over the last few years, home ownership has become fashionable and a must-have thing to pursue. Over recent years, there has also been a boom in housing development and there are various new developments springing up across the UK for first time buyers and key workers in the market for affordable homes. Property stock is in abundance when it comes to affordable housing, especially with the many new-build properties in new housing estates and developments.

Many housing associations have been capable of providing a good supply of affordable property for tenants, firts time buyers and key workers, offering shared ownership schemes such as the New Build HomeBuy Scheme. Associations also offer shared equity schemes that are government-backed. The scheme works whereby first time buyers can purchase a home of their choice on the open market with an equity loan in conjunction with a conventional mortgage loan.

For tenants, housing associations offer an alternative to social housing provided by councils depending on how much they can afford to pay in rent. This means that tenants who can afford to pay market-level rents can have more choice in desirable areas across the UK in high standard, affordable homes that are conveniently located near good transport links. This also eases the burden on overstretched councils' social housing stocks.

First time buyers can take advantage of housing associations as they offer affordable housing for sale to people on moderate salaries, who can now afford a home of their own at a price that they can easily afford. Typically first time buyers can choose from a range of properties and buy into a part 'share' of the property, which may range from 25-100% of the property value, and pay a subsidised rent payment to the housing association on the rest. They can choose to increase their share at any time until they own all of the property if they wish.

It's not just new build affordable property that is available in shared owner schemes. Housing associations also have resale property that is on the market through existing share ownership owners and new purchasers can often increase their ownership to 100%, although this will depend on the terms and conditions of the association involved. Resale affordable homes can vary in the size and type of property, and buyers can choose from studios to larger family houses. Properties may be in existing developments or in one-off locations, and can range from conversion to period properties.

by: Peter Aps

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