14 May 2020: Supporting buyers to get on the property market
A housing provider welcomes the government’s plans to restart the housing market, as it continues to support aspiring homeowners in Bedfordshire, West Sussex, Leicestershire, West and North Yorkshire, Warwickshire, Cambridgeshire and Gloucestershire.
Throughout the seven weeks of lockdown, Stonewater has continued to support buyers reserving and moving into their brand-new homes, where it has been safe and sensible to do so.
Following the detailed guidance published by the government on Tuesday (12 May), colleagues from the housing provider will be tightly complying with social distancing guidelines, so they can safely begin conducting property viewings in person – once again.
Stonewater believes that the pandemic may have forced some families and individuals to review their current living situation after being cooped up in the same four walls for weeks on end, with the possibility of working from home for another few months.
Although many people’s finances have been impacted as a result of the pandemic, Stonewater suggests that prospective buyers who are still looking to get their foot on their property ladder to consider shared ownership as an option.
Paul Negi, Head of New Homes at Stonewater, said: “Whilst the government has given the green light on the housing market to operate as normal as possible, at Stonewater we understand that for many aspiring homeowners, their financial situations may have changed.
“It’s for this very reason we think prospective buyers should look at shared ownership, a part-buy and part-rent scheme, which can give people a realistic and affordable way to purchase a brand-new home.”
Shared ownership enables purchasers to buy a share of their home and pay a reduced monthly rent on the remainder, with the option of increasing their share in the future, all the way to 100 per cent.
“Many local rents are very expensive with good quality rental accommodation in short supply. However, we believe that our shared ownership homes, can bring good quality housing back within reach for many.
“For those homebuyers that we have already been working with since lockdown it has been reassuring to see that they have still been able to progress mortgage applications and manage the legal side of buying a new home. The governments new guidance also gives much needed clarity on how we can support customers to move into their new homes safely in the coming weeks.”