“I was worried about being stuck in rented accommodation”
The average age for a shared ownership buyer is now 33 and it is widely recognised as one of the best ways to get on the housing ladder for young professional who are priced out of the open market. But for older people looking for security the scheme is also a viable option.
David Walton, 57, a maintenance worker at the University of Chichester, is this month due to move into a shared ownership home in Chichester. He has been living in rented accommodation in Bognor Regis after splitting up from his wife three years ago.
David is paying £68,750 for 25 per cent share in a two bedroom house at the Roman Walk development through Clarion Housing Group. “I know a few work colleagues who have bought through shared ownership and after asking a few questions I realised it might be a good option from me.”
He was able to use some of the funds from the sale of his family home and income from a pay rise to raise a £50,000 deposit.
As soon as he viewed the property at Roman Walk he knew it was where he wanted to live. David said: “The location is perfect and the quality of the finish is excellent. It’s ideal for me.”
On the move, he said: “It’s going to mean everything to me, I can’t describe how much happiness it’s going to bring me. I was worried about being stuck wasting money by renting privately but shared ownership has given me a way out. It’s just great that I have been able to do it by myself. And I even hope to be able to staircase up towards full ownership in a few years when I am due a lump sum of my pension.”
David will be spending around £650 a month on the mortgage, service charge and rent at Roman Walk, which is a saving of over £150 a month compared to the cost of renting. “The fact that I’ll be saving money through shared ownership is the icing on the cake.”
For more information visit https://www.clarionhg.com/sharedownership/