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Paradigm breaks shared-ownership sales record

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Paradigm breaks shared-ownership sales record

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Published by Jon Land for 24dash.com in Housing

Paradigm breaks shared-ownership sales record Paradigm breaks shared-ownership sales record

Paradigm Housing Group has experienced record levels of shared-ownership sales during November helping more than 37 first-time buyers into new homes before Christmas.

The record November also helped Paradigm achieve sales of 205 shared-ownership properties since the beginning of the financial year worth £19 million, which the group says will be re-invested back into building more affordable homes.

Over the last 12 months, Paradigm has worked with several builders to develop its portfolio of shared-ownership properties across the South East, including sites in several boroughs of London as well as Bedfordshire, Buckinghamshire and Hertfordshire.

Shared-ownership schemes give potential homeowners the opportunity to purchase a share in a new property and pay rent on the share they do not own. The share they do own is usually funded by a mortgage or savings.

Among those to have benefited from the rise in shared-ownership properties are a family of four from Hayes in London.

Kimberley Parker who is a Health Care Assistant, said: “It was becoming increasingly difficult for us all to be living in a two-bedroom flat and it was not right that my 13-year-old son should share his room with his four-year-old sister. As a result, my husband and I shared our room with our daughter.

“Buying a share of a new three-bedroom home was the best option for us, and in time we will look to increase our share so we can own it outright. I would definitely recommend it to anyone in a similar situation to ourselves who can’t afford to buy 100 per cent of a property straight away in an expensive and highly competitive market.”

Larry Crook, Head of Sales at Paradigm, said: “The rise in popularity and understanding of shared-ownership has been highlighted once again with the surge in sales of properties.

“Shared-ownership properties offer a real opportunity for many people, like the Parker family, who otherwise would not have been able to take their first steps on the property ladder given high private rental prices, the increasing difficulty of saving for large deposits and getting access to mortgages.

“We are confidently forecasting total sales of over 300 properties by the end of the financial year, a record for the organisation.”

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