According to a recent survey, over two thirds of would-be first time buyers across Surrey and Sussex are missing out on home ownership simply due to lack of awareness and understanding of the affordable options available.
The survey, which was carried out amongst 18-50 year olds living across Surrey and Sussex, highlighted a staggering 77% of would-be first time buyers cannot afford to buy a home outright locally. However, 63% were not aware of Shared Ownership homes in their area, with a further 30% unaware of Shared Ownership altogether.
The study also showed that out of 43% of would-be first time buyers that are actively looking to buy, 57% did not know of any Shared Ownership homes in the area and 62% would not know where to go to seek guidance or advice.
Commissioned by local home provider, Southern Home Ownership, the survey was carried out to measure awareness of Shared Ownership in the area. The government backed scheme enables buyers to purchase a share of a property; significantly reducing mortgage requirements and the deposit amount. The owner then pays rent on the remaining share and has the option of increasing their own over time.
As well as showing a lack of awareness, the survey also highlighted widespread misconceptions of the Shared Ownership scheme. Almost half (44%) of would-be first time buyers earning a household income between £20,000 and £60,000 – the eligible earnings bracket – believe they are not eligible for Shared Ownership; 60% of these due to income. Interestingly, 54% thought their income was too low.
Sandy Macmillan, head of sales and marketing at Southern Home Ownership explains: “Shared Ownership is well established in the London market and a widely popular option among first time buyers, but the message doesn’t seem to be making it beyond the M25.
“Shared Ownership is, in fact, widely available across Surrey and Sussex – we’ve four developments in Horsham alone. And, with the average property price in Sussex as much as £285,864, it’s an essentially affordable option for local first time buyers.”
In response to the survey findings, local Shared Ownership expert, Southern Home Ownership, is hosting a free, drop-in advice service in partnership with local independent mortgage advisor, That Mortgage Place, to help first time buyers in the area understand their options.
This Saturday, May 10, independent experts will be on hand at Kilnwood Vale in Faygate, offering free, impartial advice and guidance. Visitors to the new Shared Ownership development will have the opportunity to discuss their options on an individual basis and see, first-hand, the impressive range of homes available with the purchase scheme.
For further details and to make an advanced appointment, contact 08456 12 12 71 or visit: www.southernkilnwoodvale.co.uk.