VIDEO: Drop-in advice sessions on Shared Ownership at Kilnwood Vale

Southern Home Ownership is hosting the free drop-in advice sessions in partnership with independent mortgate advisor The Mortgate Place, to help first-time buyers in the area understand their options on Saturday May 17.

Experts will be on hand at the new Kilnwood Vale development between Horsham and Crawley.

Visitors to the new Shared Ownership development will have the opportunity to discuss their options on an individual basis and see the range of homes available with the purchase scheme.

According to a recent survey more than two thirds of would-be first time buyers across Surrey and Sussex are missing out on home ownership simply due to lack of awareness and understanding of the affordable options available.

The survey, which was carried out amongst 18-50 year olds living across Surrey and Sussex, highlighted that 77 per cent of would-be first time buyers cannot afford to buy a home outright locally.

However 63 per cent were not aware of Shared Ownership homes in their area, with a further 30 per cent unaware of Shared Ownership altogether.

The study also showed that out of 43 per cent of would-be first time buyers that are actively looking to buy, 57 per cent did not know of any Shared Ownership homes in the area and 62 per cent would not know where to go to seek guidance or advice.

Commissioned by local home provider, Southern Home Ownership, the survey was carried out to measure awareness of Shared Ownership in the area.

The government backed scheme enables buyers to purchase a share of a property; significantly reducing mortgage requirements and the deposit amount. The owner then pays rent on the remaining share and has the option of increasing their own over time.

As well as showing a lack of awareness, the survey also highlighted widespread misconceptions of the Shared Ownership scheme. Almost half (44 per cent) of would-be first time buyers earning a household income between £20,000 and £60,000 - the eligible earnings bracket - believe they are not eligible for Shared Ownership; 60 per cent of these due to income. Interestingly, 54 per cent thought their income was too low.

Sandy Macmillan, head of sales and marketing at Southern Home Ownership, said: “Shared Ownership is well established in the London market and a widely popular option among first time buyers, but the message doesn’t seem to be making it beyond the M25.

“Shared Ownership is, in fact, widely available across Surrey and Sussex – we’ve four developments in Horsham alone and are introducing another near Redhill later this month. With London’s ripple effect widening and the average property prices in Surrey and Sussex £408,713 and £285,8642 respectively, it’s an essentially affordable option for local first time buyers.”

For further details and to make an advanced appointment, contact 08456 121271 or visit www.southernkilnwoodvale.co.uk