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Brexit and a shared ownership house
rubuhoeikanaika
Posts: 262 Forumite
Hi all,
Just another 'should I go ahead after brexit' post, but with a twist... we've had an offer accepted on a shared ownership 2 bed house here in SE England. Total value is 290, we're buying a 50% share. Would expect to live there for at least 5 years. We have a 10% deposit on our share.
Considering going ahead, and here's why: shared ownership houses in good locations tend to be in great demand, because most shared ownership properties are either slightly crappy flats, or new build houses in hard to reach suburbs. So the resale should go reasonably easily. Second, because it's a house it has a much lower service charge (about £15/month) and the rent with this HA is very reasonable -- about £330/month for £145k of equity. It's also pretty big, 83m2/890 sq ft. We are two adults and a small child.
On the flip side, I do think the full value of the house is slightly overpriced compared to other properties in the area, but that seems to be pretty standard for shared ownership. It's also not on the best street in town (a twee Thameside town, but a slightly social housing-y street just outside the central area, about a 10min walk to Waitrose). I grew up on a council estate so have no problem with this, but of course it might be a resale issue.
Any thoughts? We could keep living where we are now for another year (private renting, much smaller about 55 m2. and old but bearable house), but we've had our eye on the shared ownership market for about 18 months now and this seems to be the best thing that's come along.
Thanks!
Just another 'should I go ahead after brexit' post, but with a twist... we've had an offer accepted on a shared ownership 2 bed house here in SE England. Total value is 290, we're buying a 50% share. Would expect to live there for at least 5 years. We have a 10% deposit on our share.
Considering going ahead, and here's why: shared ownership houses in good locations tend to be in great demand, because most shared ownership properties are either slightly crappy flats, or new build houses in hard to reach suburbs. So the resale should go reasonably easily. Second, because it's a house it has a much lower service charge (about £15/month) and the rent with this HA is very reasonable -- about £330/month for £145k of equity. It's also pretty big, 83m2/890 sq ft. We are two adults and a small child.
On the flip side, I do think the full value of the house is slightly overpriced compared to other properties in the area, but that seems to be pretty standard for shared ownership. It's also not on the best street in town (a twee Thameside town, but a slightly social housing-y street just outside the central area, about a 10min walk to Waitrose). I grew up on a council estate so have no problem with this, but of course it might be a resale issue.
Any thoughts? We could keep living where we are now for another year (private renting, much smaller about 55 m2. and old but bearable house), but we've had our eye on the shared ownership market for about 18 months now and this seems to be the best thing that's come along.
Thanks!
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Comments
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Update, in case anyone cares: we dropped out. Renting seems safer at the moment. May have collapsed a chain.0
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good idea. you dont want to be buying at the peak of the market0
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It's a gamble to buy right now. Nobody knows what the ramifications of Brexit will be - are we going to be in a free trade area or completely cut off from the EEA... no sense in rushing into a major purchase at this stage.rubuhoeikanaika wrote: »Update, in case anyone cares: we dropped out. Renting seems safer at the moment. May have collapsed a chain.poppy100
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