With rents in Reading having risen by 12.9% over the last 12 months , Abri Homes has launched the first release of 83 Shared Ownership homes at Emmer Green Drive, to help aspiring buyers to get their foot on the ladder with just a 5% deposit.
Starting from £162,000 based on a 40% share (other shares available) the two-, three- and four-bedroom homes, located in Caversham on the outskirts of Reading, also provide open green spaces on the doorstep.
Increasing in popularity over the last decade, Shared Ownership supports aspiring homeowners unable to save for the average deposit of £53,414 . Requiring a minimum deposit of just £8,100, Shared Ownership residents at Emmer Green Drive can expect to pay £1,468 per month, including a £37 service charge4.
The development, based on the previous Reading golf course site, is set north of the River Thames and benefits from a wide range of parks, gardens and water sport activities in the local area. For commuters, Reading train station offers direct links into London Paddington in under 30 minutes.
All of the homes available with Shared Ownership at the development have a range of benefits including private gardens, parking and electric vehicle charging points to all homes.
Stuart Hensby, Sales and Marketing Director at Abri said: “First time buyers continue to face significant challenges as they pursue the goal of owning their own home. Increasing rents are only exacerbating the issue by making it near impossible for renters to save a five figure deposit from scratch.
“Our new Shared Ownership homes will help to reduce these upfront costs with just a 5% deposit required, increasing the volume of affordable homes in Reading and enabling families priced out of the private market to get their foot on the ladder.”
Shared Ownership is a scheme designed to help aspiring homeowners by enabling them to purchase between a 10% to 75% share of a property, while paying a reduced rent to Abri on the remaining amount. This form of ownership is rising in popularity, with over 200,000 households buying a home with the scheme across the UK .
Abri’s two, three and four bedroom Shared Ownership homes at Emmer Green Drive are available now. The show home will launch to the public this autumn, to register your interest please visit abrihomes.co.uk/properties/emmergreendrive, email sosales@abri.co.uk or call 0800 145 6663.
Prices start from £162,000 based on a 40% share in a two-bedroom home [full market value: £405,000, other shares available] with an estimated annual service charge of £444. Affordability and eligibility criteria apply. Visit abrihomes.co.uk/terms for more information.
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