Could a home ownership scheme help you get on the Chiswick property ladder?
A recent survey by Housing Options reveals that Londoners are looking to beat the housing market freeze by turning to affordable home ownership. Schemes such as a development of local apartments available through Chiswick estate agent Oliver Finn.
The survey of more than 200 people revealed that part-buy, part-rent schemes offer low to middle income earners including both key workers and non key workers a vital entry point into home ownership. You don’t have to work in the police, NHS or education to qualify. Eligibility is based on the Housing Options extended key worker definition that can be found here.
The properties are close to Chiswick, W4, just a few hundred yards from central Hammersmith and apartments are offered on a purchase between 25% and 75% of full value.
It is becoming increasingly more difficult for first-time buyers to secure a mortgage due to the higher costs involved and the need for much bigger deposits.
The Housing Options survey showed that while three out of five (58%) people interviewed felt the drop in the housing market made it a more suitable time for first-time buyers to enter home ownership, 68% surveyed felt their only route into home ownership in the capital would be via shared ownership products.
The survey revealed that 47% of respondents asked, who were currently renting privately, had savings of between £6,000 to £30,000 to put towards a deposit for a home. Savings of this amount would enable people to buy a share in a home on a part-buy, part-rent basis.
