Opening doors through Shared Ownership
We believe great design should be available to all and that’s why, through our partnership with Places for People, buyers can purchase homes at Port Loop through Shared Ownership.
Working alongside our joint venture partners, Places for People, we have delivered 163 new homes at Port Loop in Birmingham since work began on site in 2017.
Here, we talk to Victoria Kelly, Sales Manager for Places for People Central & North regions, about the importance of providing affordable homes and how Shared Ownership is helping to make homeownership more accessible for all.
Empowering homebuyers
“Having a home to call your own and the opportunity to settle into a community is a hugely important part of many people’s lives and Shared Ownership can help to make this a reality.
“Buying a home through Shared Ownership involves buying a share in the property and paying rent on the remaining portion which is owned by the housing provider. The deposit required is smaller than an outright sale as a minimum 5% deposit is needed on the share the person is buying, reducing the amount a buyer needs to commit upfront.
“Buyers can increase the percentage of their home they own through a process called staircasing, where they can buy more shares after completing on their Shared Ownership home, with the option to reach up to 100% ownership over time.
A new home awaits
“Port Loop is a thriving canal side neighbourhood of architect-designed new homes. The latest addition to Port Loop is Mansion House – a collection of two-bedroom apartments in Birmingham nestled next to the canal.
“Mansion House is a great example of how Shared Ownership works. Here, buyers are able to access high-quality homes within an established community which might have been out of reach through traditional house buying methods.
“Apartments at Mansion House are available via Shared Ownership, starting from as little as 25% up to a 75% share, depending on the purchaser’s affordability. On a 25% share at Mansion House, you could put down as little as £4,387.50, making it a much more affordable option.
“My advice to anyone thinking about getting their foot on the property ladder would be to look into Shared Ownership. Many buyers have told us they were able to buy a home even when it felt out of reach, and they’re now enjoying life as homeowners.
Partnered for good
“Our partnership with Urban Splash at Port Loop helps us to continue to provide design-led homes to people who otherwise may not have the option to own a property. Our shared values for making homes available for everyone and creating places where people can thrive is key to our successful partnership.
“Mansion House is our latest offering at Port Loop and I’m looking forward to welcoming our customers to the community and watching them grow and thrive as they put down roots in Birmingham’s newest island neighbourhood.”
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