Affordable housing schemes leave public confused

New Build HomeBuy, shared ownership, intermediate rent, first time buyer initiative, Rent to HomeBuy, shared equity, try before you buy....all these terms for affordable housing initiatives can leave your head spinning and none the wiser to exactly what is available.

In fact, leading affordable housing specialists Stagnell Fox highlights 7 out of 10 people are still confused by the affordable housing options available.

Specialising in all areas of affordable homes including marketing, sales, training, marketing strategy and risk assessment, Stagnell Fox works with hundred’s of first time buyers each year to help them find new homes. As a result the company estimates 70% of first time buyers are still unsure about available affordable housing schemes and, while variety is good, there are so many different initiatives around that applicants get confused.

Adie Fox, Director of Stagnell Fox says: “There are too many housing initiatives on the market, all of which often seem complicated to first time buyers. We would suggest the government come up with just two or three products that first time buyers can readily understand. Underneath all the jargon it is fairly simple....you can buy a share of a property with a view to buying more later, you can rent a property with a view to buying it later, you can buy a new property at a discount which doesn’t need to be paid back until the property is sold or if you move home.

The options are endless but most importantly if you are on a low salary, do not discount buying into a new property as you may be surprised. These schemes are designed for those on low incomes who cannot afford to buy a property outright”.

There are many advantages to those who cannot afford to buy a property at its full market value. By purchasing through a shared ownership scheme as an example, you buy what you can afford, usually with the option to buy more of the property later on if you want to. These properties aren’t what people think of as council housing. In most cases they are well located newly built properties which are designed and built to very high specifications. Most properties have fitted carpets and have integrated ovens, hobs and extractor hoods as standard. White goods such as fridge/freezers and washing machines are often included.

Stagnell Fox acts on behalf of a number of housing associations in London and the south east, providing a range of properties under various different affordable housing initiatives. One new build development which is soon to launch is Valyoo in Stevenage which is a collection of one and two bedroom apartments available from as little as £35,100 for a 30% share based on a full market value of £117,000. On this basis, those earning £12,500 a year are eligible.

Meanwhile at The Scene in Wembley, one bedroom apartments are available through Stagnell Fox from £59,500 for a 35% share. On this basis, estimated monthly outgoings are £742.35 which provides a significant saving compared to local rents of £802.

East Croft House in South Harrow has fabulous one and two bedroom shared ownership apartments from as little £64,000 for a 40% share. Estimated monthly outgoings are £762. With these apartments purchasers also qualify for a free furniture package so the apartments are ready to move into. Alternatively purchasers can opt for £1,500 towards legal and mortgage costs. As you can imagine, these apartments are going very quickly so interested purchasers will need to act quickly to avoid disappointment.

Stagnell Fox will also shortly be launching new developments in Hackney, Westminster, Harrow, Brent, Kent and Hertfordshire.

For further details on all homes currently available, visit: stagnellfox.co.uk