Housing associations have come some way since the 'old days' when there were only a few of them and the number of properties available was limited. These days, there is a lot more property available because there are planning laws in force that ensure that developers make a share of property available to housing associations. These may be rented or sold to first time buyers. With the boom in the property market over the last few years, home ownership has become fashionable and a must-have thing to pursue. Over recent years, there has also been a boom in housing development and there are various new developments springing up across the UK for first time buyers and key workers in the market for affordable homes. There is plenty of property stock when it comes to affordable housing, particularly with many new build properties in estates and developments. Many housing associations have been capable of providing a good supply of affordable property for tenants, firts time buyers and key workers, offering shared ownership schemes such as the New Build HomeBuy Scheme. Associations also offer shared equity schemes that are government-backed. The scheme works such that first time buyers can buy a home of their choosing on the market with an equity loan together with a traditional mortgage. For tenants, housing associations offer an alternative to social housing provided by councils depending on how much they can afford to pay in rent. This means that tenants with the means to pay market rents can have more choice in desirable locations across the UK in good standard, affordable homes that are within reach of decent transport links. This also eases the burden on overstretched councils' social housing stocks. First time buyers can benefit from housing associations as they make affordable housing available for those on a moderate salary. More often than not, first time buyers can select from a range of property and take a part 'share' of the property, typically ranging from 25-100% of the value and then they pay a subsidised rent to the association. They can choose to increase their share at any time until they own all of the property if they wish. It's not just new build affordable property that is available in shared owner schemes. Housing associations also have resale property that is on the market through existing share ownership owners and new purchasers can often increase their ownership to 100%, although this will depend on the terms and conditions of the association involved. Resale affordable homes can vary in the size and type of property, and buyers can choose from studios to larger family houses. Properties may be in existing developments or in one-off locations, and can range from conversion to period properties.
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