Why rent when you can own?
Start your home ownership journey in the kind of property you want - for less than you currently pay in rent.
Why shared ownership makes sense
There's no better time to invest in your future and start your home ownership journey. Average UK rental cost has risen by 27% since 2021 and is expected to rise by another 4% in 2025. (source: Zoopla Rental Market Report, December 2024).
In this environment; why be a renter, when you could buy with shared ownership, potentially for less than you currently pay in rent?
Latimer by Clarion Housing Group has many new-build shared ownership homes available across the country including York and Manchester to London, East Anglia and the south.
Turning your rent into an investment
London example
According to home.co.uk, the average asking rent for apartments in central London was £2,376* per calendar month. With shared ownership, your outgoing could be £1,777 a month for a one bedroom apartment at Alta at Consort Place.
That's an approximate saving of £599 a month, based on:
-
A minimum 25% share of £135,250 (Full Market Value £541,000).
-
5% mortgage deposit of £6,763.
-
£128,488 mortgage value.
-
£690 monthly mortgage repayments at a five-year fixed rate of 5% on a 30-year term.
-
£811.50 a month rent calculated on 2.4% annual cost of the remaining share value.
-
£275.37 a month estimated service charge.
National example
According to home.co.uk, the average asking rent for apartments in Salford Quays was £1,365* per calendar month. With shared ownership, your outgoing could be just £982 a month for a two bedroom house at Furness Quay.
That’s an approximate saving of £382 a month, based on:
- A minimum 35% share of £86,100 (Full Market Value £246,000).
- 5% deposit of £4,305.
- £81,795 mortgage value.
- £439 monthly mortgage repayments at a five-year fixed rate of 5% on a 30-year term.
- £366 a month rent calculated on 2.75% annual cost of the remaining share value.
- £177 a month estimated service charge.
Without shared ownership, there is no way I could afford this address. Here I pay significantly less a month and also have the security of owning 25% of the property. There’s no question that this route to owning a home in a central London location makes sense.
Siri, who lives in a one bedroom flat at Alta at Consort Place
There are more ways you can benefit
Day-to-day costs may also be lower. Brand new homes require less maintenance and tend to be more energy-efficient than existing homes. Your energy bills could also be lower due to more energy-efficient design features.
For example, occupiers of newly built homes, on average, could:
- Spend up to £780 less per year on energy (apartments).
- Spend up to £2,200 less per year on energy (houses).
- Save 2.2 tonne on carbon emissions per year.
Source: Home Builders Federation (January 2024 article)
For some of our shared ownership homes, Latimer can provide buying assistance and incentives such as a deposit contribution, legal fees paid, or even covering service charges for a limited time; to help even more with getting you on your way to home ownership (terms will apply).
Speak to your sales adviser if you're already in touch with us. Or, register your interest in one of our developments and we'll be in touch with more details.
London and East
Hollymead Square
Newport, CB11. This brand new community offers a selection of two and three bedroom homes, available with shared ownership.
Alta at Consort Place
London, E14 8QW. Set in the heart of Canary Wharf, Alta at Consort Place offers a collection of one and two bedroom apartments with shared ownership.
Crescent Gardens
Croydon, CR0 6GN. Brand new studio, one and two bedroom apartments in the centre of Croydon.
Around the country
The Gables
Norfolk, NR17 2JY. New-build homes in the market town of Attleborough.
Furness Quay
Salford, M50 3XZ. Apartments and duplexes in the heart of Salford Quays.
Sherford
Plymouth PL9. Two, three and four bedroom homes within a walkable, safe and vibrant community.
Shared ownership
A purchase option for you that is achievable.