A family of five from Brighton have been given the chance to stay in the city they love, thanks to shared ownership.
NHS worker Danny Leach and his family wished to lay down roots in the vibrant south coast city after building a life there with three children, in their rented family apartment.
As house prices continued to rocket post-pandemic, the Leach family were faced with the prospect of being unable to own their desired three-bedroom home with a garden.
In the last year, properties in Brighton – dubbed “London by the sea” thanks to its accessible two-hour distance from the capital as well as its thriving arts and media scene – averaged at £450,938*, with semi-detached homes fetching £534,648.
It was after discovering shared ownership at Hyde New Homes’ Amberdown development in the popular residential area of Hove, however, that the Leach family realised that their dream of owning their own home could become a reality.
Danny said: “Our main goal was to find a family home in the Brighton area, and we’d never even considered shared ownership as an option. When we discovered that Amberdown offered the scheme, however, we decided to investigate.”
With shared ownership, buyers are able to secure a 30% share of a new home at Amberdown with a deposit from just 5% along with a subsidised rent, which is paid to Hyde on the unsold equity share.
And, with this in mind, Danny visited the stunning development of three-bedroom mews houses, situated near the popular Poets Corner area, on its launch day and returned the very next day to put in an offer.
“We were hugely impressed, not only with the look and feel of Amberdown but also their commitment to sustainability,” said Danny. “All of the homes come with solar panels as well as electric car charging points. This was excellent news to us as we are looking to purchase an electric car in the near future.”
The family opted for the three-storey Shelley design which boasts three good-sized bedrooms, with an en suite to the principal bedroom, as well as a family bathroom and ground floor cloakroom. The open-plan living/dining room opening onto the rear garden make this a fantastic sociable home.
Danny said: “We hadn’t considered shared ownership initially, but the scheme has allowed us to buy in the area which we love. And in time, we plan to staircase and progress from there.”
Minnie Dando, Head of Marketing and Communications at Hyde New Homes said: “Staircasing is a term used when a buyer purchases additional shares in their home if they so wish. This can even be done at any time and also up to the point where the home is owned outright.
“At Hyde New Homes we try to accelerate peoples’ paths to home ownership and this shared ownership is an excellent solution for aspiring buyers. We are thrilled that we have been able to help the Leach family find their home.”
Amberdown comes with the quality specification expected from Hyde New Homes. The homes include contemporary kitchens with integrated appliances, quality flooring, outside spaces and allocated parking to all units along with built-in wardrobes to the principal bedroom.
For commuters, the development enjoys supreme connectivity to London and beyond, with the development placed near to Portslade, Aldrington and Hove train stations.
Residents will benefit from the area’s enviable position close to the ‘Outstanding’ rated West Hove Infant School, and the short 20-minute walk to the beach with its restaurants, cafés and water sports facilities.
The development is also ideally located to enjoy local green spaces of the South Downs, as well as the all the beautiful beaches across the south coast. It also has excellent access to public transport as well as cycle routes, meaning homeowners can opt to leave the car at home more often.”
Three-bedroom homes are currently available at Amberdown, with prices starting from £183,000 for a 30% share of the full market value of £610,000. Budget conscious buyers could secure their dream property with a 5% deposit of £9,150.
