While it certainly does meet that need, the scheme is also an important way for solo buyers to access affordable local housing – and demand from this demographic is increasing. In 2021-22, government figures show that 56% of Shared Ownership home purchases were made by one-adult households. That’s the highest proportion of solo buyers for over a decade.
Local experience shows the importance of providing Shared Ownership homes when it comes to housing affordability. In Didcot, South Oxfordshire, for example, socially conscious Shared Ownership provider Sovereign has seen strong demand for its homes at Willowbrook Park, where prices start from just £99,000 for a 40% share. Just two of the two-bedroom apartments at the popular development are still available for purchase, while applications to purchase the other two- and three-bedroom homes there have already closed.
Willowbrook Park has been developed with Didcot’s Garden Town status firmly in mind. Upon completion, there will be a beautifully designed neighbourhood park with picnic area, benches and a proposed play area for residents and visitors to enjoy. The homes are set along tree-lined avenues with footpaths throughout. The final development will be home to apartments and houses ranging from one to five bedrooms.
The beautifully presented homes at Willowbrook Park feature spacious bedrooms, sociable open-plan kitchen/dining/living areas and high-specification interiors. The range of properties meet a variety of needs, from solo buyers, couples and downsizers to growing families. Once complete, the development will play host to a picnic area, benches and a play area to be enjoyed by residents and visitors alike.
Demand has been such that Sovereign is now launching a new selection of apartments and houses at Willowbrook Park, along with a brand new phase of two- and three-bedroom homes at nearby Nobel Park at the end of August. The newly launched homes at both developments will be available to buyers with a local connection to South Oxfordshire who would otherwise not be able to access the housing market.
Nobel Park will deliver beautiful new homes in a parkland setting, with properties ranging from two to three bedrooms. The local community features plentiful of open green space, cycle paths and play areas, while individual properties are designed to offer versatile accommodation. This makes them ideal for buyers with a range of needs, whether they’re seeking a family home, a home office set-up or extra space to entertain friends and family. The semi-detached homes feature a modern open-plan kitchen/diner spread across the back of the home, along with a separate lounge at the front and plentiful storage and a downstairs WC for maximum convenience. The bedrooms and family bathroom are all well-proportioned, with further storage areas supporting practical, clutter-free living.
Lisa Moran, Sales and Marketing Director at Sovereign comments: “Shared Ownership is a key enabler when it comes to unlocking local housing markets for local people. In the Didcot area, solo buyers, couples and families have all been able to benefit from this. Now, newly launching homes at both Willowbrook Park and Nobel Park will ensure that we can meet the strong demand for high-quality, good value properties in South Oxfordshire.”
The cost-of-living crisis has made it harder than ever for many buyers to get onto the housing ladder. A survey by Share to Buy in February 2023 found that 71% of the 2,600+ respondents reported being able to save less money for a deposit each month as a result of the crisis. However, 60% of prospective purchasers confirmed that they were still on track to buy a property within the next year with the help of Shared Ownership. The survey also revealed that 57% of respondents were planning to buy solo. Homes such as those at Willowbrook Park and Nobel Park are providing a crucial means for such buyers to do so.