Shared Ownership Application in London - How competitive is it really?

Mona777

Hi,
I am currently applying for 1 bed shared ownership flats in London - but have been rejected for a few so just wondering if anyone can share their experiences with the application process, how high are the chances of ever getting one?
I fulfill all of the usual requirements, but I am not a key worker or on any housing registry. Just a regular person getting too old for flatshares & tired of ever increasing rents for sub-standard flats, but not quite there yet on buying outright.
I know the Housing Associations prioritize people who live in the Borough (or totally restrict eligibility in that way) - I happen to live in a flatshare in a borough in which even shared ownership is too expensive for anyone with a "normal" job...
Thanks for any input

Okydoky25

I was on the housing list for 4 years from 2000 in London. It was only when a new estate was built with a lot of properties that I was chosen in 2004. I would assume demand is even higher now 10 years later

Elfbert

I bought a re-sale Shared Ownership in 2012. I saw the flat, liked it, bought it, no troubles. It did say priority would be given to those who lived/worked in the borough - I did neither. But I did only work a few streets outside the borough!

I didn't even know it was supposed to be hard...

kimbyanne

Not in London, but when we applied for our two bed S/O house last year we had a lot of competition.

For x2 two bed houses, there were 45 separate applications....

Mr_Singleton

It's horrendous from what I hear.

Loads and loads of screening applicants to whittle numbers down as each flat could be sold 10 times over. Having a good sized deposit (10%+ of full price) and earning in excess of the minimum help as does a completely squeaky clean credit history. Housing Associations don't want to go with you only for you to get turned down meaning they have to start the process again. 1 beds are like gold dust... you've pretty much got to be prepared to move anywhere in London if you realistically want to get something.

Anyway best of luck.

gaz141

I rented in Balham. Registered with Wandsworth Council's home ownership department. You then start to get emails, letters of properties available etc, while also checking the firststepslondon website. I went to an open day for a new build estate in the next borough down the road Merton as residents on the neighbouring boroughs could apply. Anyway, went Saturday, told the people I was interested even though it hadn't even been finished yet but liked the show flat. Later that week received an email from Nottinghill Housing with an offer of a flat. Did the telephone interview, passed that and secured my mortgage and 10 weeks later moved in. It wasn't that horrendous or that difficult to be honest, sure I had some stumbles along the way but who doesn't when buying a property. You need to be flexible on location, I would have loved to have stayed in Balham but just couldn't afford it, so moved one train stop down the road to something I could afford

Tuareg

I wouldn't say 'horrendous' but its not not good either in my opinion. Far too many people chasing far too few properties.

I got my place purely by being in the right place at the right time. I believe there were 6 properties available and all went before the advertised Open day.
Good luck

Mona777

Thanks all for the input.
What really annoys me is that 1 bed flats for often much more than £400 k are even available under these schemes and on the official "making housing affordable" website..