subject: Shared Ownership Offers Affordable New Homes In Scotland [print this page] Shared Ownership Offers Affordable New Homes In Scotland
In the current housing market, many first time buyers and people on lower incomes are finding it difficult to secure a mortgage and get their foot on the first rung of the property ladder, even if they find a property they love. However, a part-buy/part-rent or shared ownership scheme could be a sensible and affordable solution to purchasing a new-build home in Scotland.Shared ownership involves the buyer purchasing a share of between 25% and 75% of the new home and paying rent on the remaining amount. The obvious benefit of this is that the mortgage requirement is substantially smaller, as is any deposit that will be required. Buyers can increase the share of the property they own as and when it suits them (a process known as "staircasing"), making these schemes ideal for those who expect their salary to increase in the future. As well as allowing young first time buyers to acquire their first home, shared ownership also allows families to enter the property market by being able to afford a larger home than they might expect.Situated on Edinburgh's Harewood Road, The Primary by Castlerock Edinvar comprises a collection of two-, three- and four-bedroom homes. The development is only five miles away from the city centre and offers a choice of apartment or townhouse, many with private gardens. Prices at The Primary start from 24,750 for a 25% share of a 95,000 will enable you to purchase a two-bedroom ground floor apartment with a rear garden.Kingdom Housing Association is constructing a small development of three affordable homes aimed at the shared ownership market on Netherton Road in the Fife town of Cowdenbeath. The terraced three-bedroom homes are perfect for families currently renting who are looking to buy their own property. Work on the houses is expected to be complete in June and buyers would be expected to move in around the same time. Prices start at 115,000 for the mid-terrace home, of which a 25% share can be purchased for 28,750.Managed by the Port of Leith Housing Authority, The Quayside development is set at The Shore and many of the homes here enjoy views across The Water of Leith. Built-in wardrobes and an open-plan living/dining area and kitchen make these properties perfect for first time buyers. A selection of 16 one- and two-bedroom apartments is available under the shared ownership scheme. Prices at The Quayside start from 150,000 and buyers can initally purchase a 75%, 50% or 25% share.Shared ownership homes are available through Southside Housing Association at one of its new housing developments in Glasgow, on Langside Road in the Crosshill area of the city. These apartment make an ideal first time buy with a comprising living room, kitchen, two bedrooms and bathroom. The area is close to Queens Park and has many local amenities as well as good public transport links to the city centre. A two-bedroom apartment has a fixed price of 117,000 with 75%, 50% or 25% shares available.
