Shared Ownership Properties in Manchester
With its legendary music scene, bustling nightlife and famous football teams – it’s no surprise Manchester is considered the best place to live in the UK (Economist Global Liveability Survey 2019). With the help of shared ownership, you could be closer than you think to owning your dream home in this fantastic city
With its legendary music scene, bustling nightlife and famous football teams – it’s no surprise Manchester is considered the best place to live in the UK (Economist Global Liveability Survey 2019). With the help of Shared Ownership, you could be closer than you think to owning your dream home in this fantastic city that is Manchester.
Shared Ownership Manchester may well have been the search term you used that landed you here?
Shared ownership is another way to buy. You buy a percentage and pay rent on the rest. The housing association owns part of it — but you’re living there, you decorate it, and you decide when to sell.
Shared ownership is another way to buy your dream property or development. In short, you buy a percentage (known as a share), and pay rent on the rest you don’t own. The housing association owns part of it — but you’re living there, you decorate it, and you decide when to sell. This form of help to buy gives you an option to get onto the property ladder without having to fork out a large sum of money or pay the price of constant inflation. With that being said, when you use the shared ownership scheme, any costs, repairs, or fixes that you need to complete will also be in your name, meaning you have to pay for it.
Buying a percentage means a smaller deposit and a smaller mortgage. It’s an early first step on the ladder for lots of people, and with the open market options for first-time buyers booming, it’s not a scheme to pass up. Usually, you can also carry on buying shares to own it 100%. For example, the most common form of shared ownership for properties is 50%. This means if the home’s market value was £300,000, you would only be getting a mortgage and paying for £150,000 worth of the property. However, if you want to own the property 100%, then you need to buy back the remaining share. This usually means either paying a lump sum or smaller lump sums of maybe 5%.
Shared ownership, in general, also allows small families to build a home forever for the future.
As the number of bedrooms can no longer be taxed (known as bedroom tax), you can get a three-bedroom house for as little as £80,000 (35% Share) in the heart of Salford. Although the cost of some houses in the heart of Salford can reach £600,000 or more, typically, the higher the house costs, the higher your rent and initial purchase of the property would be.
Buying a percentage means a smaller deposit and a smaller mortgage. It’s a sooner first step on the ladder for lots of people. Usually, you can also carry on buying shares to own it 100%.
Whether it’s a family home or stylish apartment, our new-build properties are built to a high standard with excellent energy efficiency and modern layouts to meet the demands of everyday living. As with any government-backed scheme, there are specific charges and fees that might come to you as a buyer when using the Shared Ownership scheme. To apply to the shared ownership scheme, you may also need to pass a financial assessment test, which takes into account your work, household income, eligibility and circumstances to ensure you can afford an equity loan to purchase a % of the house. This service can take a few weeks or even months to finish, so if you’re in a rush, you could always make sure you’ll pass this process for the first time. If you want more information or details about how the shared ownership scheme works, you can find more here.
Whether it’s a family home or a stylish apartment, our new build properties are built to a high standard with excellent energy efficiency and modern layouts to meet the demands of everyday living.
Something to note about the developments that you may come across when on the search for your dream home is that some housing associations may offer you extra, premium features. These can commonly include on-site parking, a fully developed garden, and occasionally a made-to-order kitchen to make your dream house yours. Of course, some of these features may not be available for properties such as apartments or single bedroom flats, but in most cases, you will get some kind of extra feature when buying a shared ownership home.
Living in Manchester
The place that gave us Coronation Street, Oasis and the Eccles Cake, there’s nowhere quite like Manchester (as long as you don’t mind a spot of rain).
As the sixth-largest city in the UK, there’s a reason Manchester is regarded as the the northern powerhouse. Over the last few years, this thriving city has become one of the biggest employment hubs in the UK, with its Media City campus attracting big businesses such as BBC, ITV, Ericsson and Kellogg’s. Not to mention that Manchester city centre is full of some amazing parks, gardens, shops, and everything else you might need.
The Manchester area has always been recognised for its edgy and leftfield vibe, thanks to a legendary music scene which spawned the likes of The Stone Roses, New Order, The Happy Mondays and many more. The city also boasts not one but two world-class football teams. Not a great image if you’re a Liverpool fan!
Manchester has always been recognised for its edgy and leftfield vibe, thanks to a legendary music scene which spawned the likes of The Stone Roses, New Order, The Happy Mondays and many more. The city also boasts not one but two world-class football teams.
But there’s more to the Manchester region than music and football. There is no shortage of culture and entertainment on offer with a host of impressive museums, the bohemian bars and restaurants of the Northern Quarter, and West-End-worthy productions at the famous Lowry Theatre. Not only this, but the community in and around Manchester is like nothing you can get anywhere else in the country.
But there’s more to Manchester than music and football. There is no shortage of culture and entertainment on offer with a host of impressive museums, the bohemian bars and restaurants of the Northern Quarter, and West-End-worthy productions at the famous Lowry Theatre.
Surrounding areas in the northwest are also key areas that you should look at, such as Lancashire and Cheshire. The shared ownership scheme runs through all of England and Wales, so if you’re able to find the perfect shared ownership homes in your area, then you should definitely consider this as a choice. You may also find that real estate in and around Manchester is relatively easy to come across, with listings popping up all the time.
If you do move to the Manchester area, let us know about your sale! We hope that you’ll find some great amenities and can experience office life when working in and around Manchester. We understand that finding accommodation can be tough, but we can help you find the best mortgages and schemes to get you the best dream home that money can buy.
There are a variety of ways you can become a home owner these days. The simplest and most cost effective opportunity for these days is to become a shared ownership property owner in the location of your choice – be that near the city centre, near a train station or wherever suits your needs. Get on the property ladder and have your own space while keeping your monthly payments to a minimum. Similar to leasing a car, the savings you make can be the difference between owning part of a property or simply paying rent, especially with house prices being at an all-time high. Be aware that, as a leaseholder, you will become responsible for upkeep, so all repairs and maintenance costs will fall to you – some of this may be covered by the low monthly service charge. The portion of the property you own can go up over time using a process known as staircasing.
Staircasing is a process of gradually increasing home ownership by buying a portion of the property at a time, which can be beneficial for those who are unable to meet the full cost of a property upfront but are able to meet the eligibility criteria and have the necessary savings to cover the council tax payments, lease payments, and other associated costs of home ownership.
When it comes to actually finding somewhere to buy your first Shared Ownership home, you can take your pick from a superb range of suburbs across the Greater Manchester area, whether it’s the converted warehouses of Reddish or the metropolitan lifestyle of Didsbury, the family-friendly Prestwich or the up-and-coming Whitefield.
Take the first step today by getting in touch with us and find out how you can buy your dream home in Manchester.Contact us