"My husband cycles into the City everyday which only takes him 10-15 minutes, it’s very convenient!" Dagmar, Two Fifty One, Southwark Park Bridge, London.
Most people know that Shared Ownership is for people who cannot afford to buy on the open market. But many don't know that you don't have to compromise your location or lifestyle just to get on the property ladder. Listen to this first time buyer who bought a stunning, two bedroom Shared Ownership home Two Fifty One, Southwark Park Bridge.
Two Fifty One Southwark Bridge Rd, London, SE1
Deposit - £10,000
Share purchased - 25%
Estimated monthly mortgage cost - £689
Total monthly cost - £1,674
Dagmar previously lived in a one-bedroom Shared Ownership property in Bermondsey, so was eager to live in a bigger property. She was also keen to stay within the vibrant Borough of Southwark, due to its endless plethora of social hotspots, quirky bars, local boutique restaurants and highly connected location.
Dagmar comments: “This Zone 1 location is really popular amongst young professionals, as it’s extremely well connected and accessible, one of the key reasons why we wanted to stay within the area - my husband cycles into the City everyday which only takes him 10-15 minutes, it’s very convenient! Location was a very important contributing factor in our search for a new home".
Homes at Two Fifty One are now fully reserved. For further information on other Hyde New Homes developments, visit the homepage to start your search or contact the sales team on 0345 606 1221.
"I saw this as the perfect chance to get onto the property ladder, to bring my daughter up the way I had always wanted, whilst being close to my parents." Rachael, Saxons Plain, Worthing, West Sussex.
Almost two-thirds of lone parents with dependent children rented their home in Great Britain in 2009, while over a third lived in owner-occupied accommodation, according to a report by Office for National Statistics. First time buyer Rachael McWilliam, 37, had been renting until she found Shared Ownership development Saxons Plain in Worthing, where she finally found her dream home.
Desparate to escape the trap of renting and to finally own a property with a garden for her five-year-old daughter, Rachael came across Saxons Plain. Conveniently located just five minutes from where she lived, Rachael knew she had to take the opportunity. She explains “I saw this as the perfect chance to get onto the property ladder, to bring my daughter up the way I had always wanted, whilst being close to my parents. The main thing was to improve our quality of life, and I’m so happy that I decided to move when I did.”
Saxons Plain offered her a large garden for her daughter to play in, rooms she could decorate to her own taste, and close proximity to her parents' home. Rachael says: “Having my own garden was one of the most important factors of moving for me, and we absolutely love it. For me, it’s the little things that are making us feel at home, such as my parents living so close, being able to leave the back door open and feel the fresh air through the house and to hang out our washing.” Rachael also explains how her daughter is making the most of her new bedroom, “In our old house, my daughter never slept as she didn’t like the space in her room – since moving, she’s slept through the night, every night!”.
The Shared Ownership scheme enables first time buyers to buy a part share in their home, pay a subsidised rent on the remaining share, and then have the option to expand on that share over time. The deposit required is less than buying a property on the open market, making it easier for those with a single income to own their own home. Rachael explains: “I paid a deposit of just £19,600 for my home, which has a full market value of £245,000.”
Hyde New Homes has further Shared Ownership homes coming soon to Saxons Plain with a collection of stylish two and three bedroom homes launching. The development is perfectly located in West Durrington, between the rolling countryside of the South Downs and the coastal town of Worthing. And is an ideal place for a family.
For further information on Saxons Plain, visit the development page or contact the sales team on 0345 606 1221.
"To have a place of my own at 25 is amazing, to be living in a Zone 2 location is just unbelievable.” Events Manager, Ellie Wyburd, Woods Road, Peckham.
The rapid increase of house prices and stagnating wages have meant that UK millennials have struggled to get on onto the property ladder. In fact, only 31 per cent of young people surveyed said there were able to purchase a home, according to a recent study conducted by HSBC. However alternatives exist for doubtful first-time buyers. Events Manager, Ellie Wyburd, couldn't believe her luck when she was handed the keys to her new build two-bedroom home at Woods Road, Peckham, a Shared Ownership development by Hyde New Homes.
Ellie purchased a 30 per cent share of her dream home for just £151,000. Ellie explains how the scheme made her finances stretch further: “The element of affordability was one of the main attraction points for me. Buying through Shared Ownership means that you get so much more for your money as opposed to buying a property outright. It gave me the opportunity to purchase my first property and live in Central London. To have a place of my own at 25 is amazing, to be living in a Zone 2 location is just unbelievable.”
First-time buyers are often nervous about the process and what it entails. Ellie explains how helpful the team was and how quick the whole process went: “I seriously started looking for a place in February, I visited the development in March and within that same week I applied for the development. I exchanged on the property in July, and my partner and I have been comfortably moved in since. The Hyde New Homes team were so helpful and supportive, I didn’t have any issues. I really liked how the block had a designated salesperson. This was reassuring as they made a conscious effort to get to know everyone and their situations, it was excellent customer service.”
Most Shared Ownership developments are new build, which saves many first-time buyers the trouble of budgeting for new appliances. Ellie explains, “I love that I purchased a new build, there are limited maintenance costs, it means that I get to work on a blank canvas and really put my mark on the property. I haven’t actually needed to buy much as when I moved in all of the white good appliances were fitted, including the bathroom. This has saved me a lot of time and also means that I can save my money rather than spend more.”
For further information on other Hyde New Homes developments, visit the homepage or contact the sales team on 0345 606 1221.
We are delighted to announce that we have won the coveted Best Customer Care category at the acclaimed National Housing Awards ceremony on 5 September.
Hyde New Homes was also highly commended in the Best Marketing Mixed Tenure and Best Marketing Shared Ownership categories.
The judges said that our customer care entry demonstrated a real emphasis on the customer journey. “With a consistent approach from the start to the end of the customer journey, and a cross team approach to learning and improving, Hyde New Homes has a really impressive offer to customers. This excellent practical customer focussed approach builds solid landlord owner relationships. Small but important touches make a real difference. With excellent customer satisfaction scores they are undoubtedly doing something right.”
The two-year journey to achieving this award was no easy feat; demanding the setting-up of a Customer Service Panel to push for continuous improvement, a dedicated Product Quality Team to provide onsite presence from a customer perspective, Project Team Working to improve communications and the expertise of the Sales & Marketing team.
David Gannicott, Business Development Director at the Hyde Group said: “We are absolutely thrilled to be recognised at these fantastic awards. Our teams work so well together and it’s thanks to this partnership together with truly passionate, hardworking and dedicated people who have made this possible.”
For best marketing shared ownership at two fifty one, the judges loved that it was linked so positively to shared ownership week to build sales and the national brand of shared ownership
The judges for the Best Marketing Mixed Tenure for Wing at Camberwell loved the overall concept and really liked the community involvement. They thought it was wonderful to see customers at the heart of marketing and pricing strategies. They commented that the campaign had a modern twist that added real brand value and supported buyer aspirations.
We are thrilled to announce that Hyde New Homes has been awarded a Gold Award for customer satisfaction by independent research organisation In-house.
In-house uses benchmarking to compare levels of customer satisfaction of house builders and housing associations, giving us the ability to measure our performance with the rest of the sector and ensure we remain customer-focused.
A key aspect of Hyde New Homes’ drive for customer service excellence is keeping buyers up-to-date throughout the construction of their new home, explained Hyde New Homes Sales and Marketing Director Debbie Small.
“This starts with quarterly updates from our Product Quality team, with monthly reports as homes near completion. We also offer one-to-one demonstrations and contact buyers during their first eight weeks in their new home to make sure they are satisfied with everything.
“We are thrilled to have been recognised for our commitment to delivering excellent customer service to our new home owners. We are proud that so many of our customers would recommend us.”
1. Is it more difficult to obtain a mortgage via Shared ownership?
Some people believe that it is more difficult to obtain a shared ownership mortgage in comparison to an ‘ordinary’ mortgage. There are now an abundance of lenders willing to lend on shared ownership properties with new lenders continuing to enter the market. You can secure a mortgage via a broker or approach a high street lender, the process should be no more difficult than a 100% mortgage and you only having to raise as little as a 5% deposit on the share you are purchasing.
2. Is shared ownership a more expensive way to buy a home and or cheaper than renting?
Monthly payments for shared ownership in many instances are less than privately renting and purchasing a home outright. Buying a home does cost however so does renting a home. With shared ownership you have the benefit of owning a stake in your home. It is generally a cheaper option to purchase a shared ownership home when comparing against the costs of privately renting and purchasing outright. However it will depend on the location you are purchasing in and below is an example of this is;
To purchase a 30% share of a 1 bed Hyde New Homes apartment in SE15 (Woods Road SE15) is £1,115per month this includes mortgage, rent and service charge payments and is based on a 10% deposit. To privately rent a new build 1 bed apartment (Evans Cook Close SE15 Rightmove 14.7.17) within a half a mile of the SE15 shared ownership development the monthly rent is £1200. In the majority of cases shared ownership also works out less them purchasing 100% of the home so a win-win all round and a great way to get onto the property ladder.
3. Does Shared Ownership mean I have to share my home with someone?
The ownership of the home is shared with the Housing Association unless of course you wish to share your home with a family member or friend. You own a share in your home and as your circumstances allow and if you should wish to do so you can purchase further shares in your home and eventually own 100% of your home.
4. I would never be able to raise a deposit
With Shared ownership you only need to raise as little as a 5% deposit on the share that you are purchasing. For example if the full market value of an SE15 shared ownership property is £390,000 (Woods Road 1 bed example) and you purchase a 30% share then the deposit required would be £5,850. Allowing you a great opportunity to get a step onto the property ladder. In comparison purchasing on the open market the 5% deposit requirement would be £19,500. Solicitor fees would be payable in addition to your deposit.
5. Are you stuck with a home that you can never sell?
For some customers shared ownership is a stepping stone towards 100% ownership and for others as circumstances alter they may wish to sell on their home. You can sell your home at any moment in time you will need to contact your housing provider and they will then advertise your share to others wishing to get a step onto the property ladder. The property will be sold at the current market value. If you own 100% of your home then you can sell your property privately.
6. Do you have to live or work in the Borough that you wish to live in?
For some schemes priority maybe given to those with a connection to that Borough however you can apply for Shared Ownership in any Borough and you can find details of available homes at www.hydnewhomes.co.uk
We are proud to announce that The Hyde Group have won the coveted award “Best Development Marketing for the UK” at the 2016 International Property Awards, for Spring at New Stonebridge Park. This follows on from our success at the UK Property Awards in October 2016 where we won “Best Development Marketing in London” for the development. We then advanced on to the international rounds, where we competed against developers from all regions to win the award for the UK category. Spring at New Stonebridge Park is the £47.1 million mixed tenure development in North West London, which delivers high quality housing and a range of outstanding community facilities.
The International Property Awards are one of the largest, most prestigious, and widely recognised property awards. They are judged by an independent panel of 70 industry experts and chaired by Lord Caithness, Lord Best, and Lord Liverpool.
Spring at New Stonebridge Park consists of 164 blind tenure homes, including 39 shared ownership apartments, 55 outright sale homes and 70 affordable rent as well as community facilities. It forms part of a wider £225 million regeneration scheme, which has transformed a notorious, run-down London housing estate into a vibrant, sustainable area.
If your financial situation has changed and you can afford to buy a further share in your home and you would prefer to pay less rent to Hyde, then staircasing could be for you.
Buying a greater proportion of your home has a number of benefits:
Under the terms of your shared ownership lease, you are responsible for the cost of the valuation on staircasing sales. For the month of December 2016 only should you instruct us to buy more shares in your home and go on to complete the sale, Hyde will pay for the valuation fee. This will be reimbursed to you on completion of your sale.
Hyde New Homes have a specialist Resale Team to advise you from your initial enquiry through to completion of the staircasing sale. If you would like further information on staircasing please contact us on 0345 606 1221 or email us at firstname.lastname@example.org
At Hyde, we recognise that as London house prices continue to rise disproportionally to incomes, many shared owners will find it difficult to purchase their second home and move into full home ownership. We are aware that some of you may wish to move on due to individual circumstances and Hyde is therefore introducing Second Steps; a Do-it-Yourself Shared Ownership scheme aimed at our existing shared owners in London. The Hyde Group and the Greater London Authority (GLA) are working together to help you buy a home from the open market, on a shared ownership basis and we have a limited amount of funding from the GLA to deliver this pilot scheme.
Subject to eligibility and a financial assessment, applicants can purchase a share in a house in any London Borough up to a maximum value of £395,000. This provides you with the opportunity to move on and buy a house suitable to your current need still on an affordable shared ownership basis. At the same time as buying a home via Second Steps, Hyde will market and sell your property to another first time buyer eligible for shared ownership. You will be able to use the equity from the sale of your existing home to fund the purchase of your new Second Steps property.
If the Second Steps product proves extremely popular, priority will be given to customers seeking to move due to overcrowding.
If you want to move but thought it was out of reach and if this exciting opportunity is of interest, please read the eligibility criteria set out in our Second Steps Guide at www.hydenewhomes.co.uk and if you meet the stated eligibility terms, please complete the online application form and register your interest.
Hyde New Homes are exicted to once again be supporting Shared Ownership week. Across the week, which runs from 15th to 21st September, we will be sharing real life case studies from some of our homeowners, we will also be hosting a live twitter Q&A at midday on Wednesday 21st and will be sharing news on our upcoming schemes. To keep updated on what's happening, follow us @hydenewhomes1 and track the hashtag #SOWeek2016.
To find out more about Shared Ownership Week see;-