London is an exciting city with a vibrant culture and endless opportunities, but for many , stepping onto the property ladder here can feel daunting. If you're a first-time buyer, understanding the process and options available can make all the difference. This guide will walk you through traditional home buying and the benefits of Shared Ownership, helping you make informed decisions in this dynamic market. 

Understanding the Traditional Home Buying Process 

Buying your first home in London involves several steps. Here's a simplified overview: 

1. Assess Your Financial Situation:  

Before diving into property searches, it's crucial to understand your budget. Calculate how much you can afford based on your savings, income, and any existing debts. Don’t forget to factor in additional costs such as stamp duty, legal fees, and moving expenses. We always recommend speaking to a mortgage advisor. 

2. Get Pre-Approved for a Mortgage:  

Speak to a mortgage advisor to get a pre-approval. This will give you a clearer picture of your borrowing potential and show sellers you're a serious buyer. 

3. Find a Suitable Property:  

Start your search by identifying the areas in London that best suit your lifestyle and budget. Southern Housing New Homes (SHNH) offers a range of high-quality new build homes across various locations in London, catering to different preferences and needs. 

4. Make an Offer:  

Once you find a property you like, make an offer. This is often the beginning of negotiations, so be prepared to discuss terms and price. 

5. Complete the Purchase:  

After the offer is accepted and all checks are complete, your solicitor will handle the legal aspects of the transaction, leading up to the completion date when you’ll receive the keys to your new home. 

Exploring Shared Ownership 

Shared ownership is an initiative designed to help first-time buyers get on the property ladder, especially in expensive markets like London. Here’s how it works and why it might be a viable option for you: 

1. What is Shared Ownership?:  

Shared Ownership is a government backed affordable housing initiative, which allows you to buy a share of a property (typically between 25% and 75%) while paying rent on the remaining share. This can make purchasing a home more affordable compared to buying outright. 

2. Benefits: 

   - Lower Deposit: With shared ownership, you only need to save for a deposit based on your share of the property, which is generally lower than the deposit required for a full purchase. 

   - Affordability: The rent you pay on the portion of the property you don’t own is usually below market rates, making monthly costs more manageable. 

   - Flexibility: You can buy additional shares in the property over time, a process known as "staircasing," allowing you to eventually own the home outright if you wish. 

3. How to Apply:  

To apply for Shared Ownership, you typically need to meet certain eligibility criteria, such as being a first-time buyer or  having an income of under £90,000 (it’s £80,000 outside of London). Check with Southern Housing New Homes for specific requirements and available properties. 

Why Choose Southern Housing New Homes?   

Southern Housing New Homes is a reputable housing provider with a wealth of experience in offering quality new build homes across London. Properties are designed by renowned developers to meet high standards of quality and sustainability, ensuring a comfortable and efficient living environment. 

Our website offers valuable resources and guidance for first-time buyers, including detailed information on the buying process and the benefits of Shared Ownership. Whether you're exploring traditional home buying or shared ownership, SHNH provides comprehensive support to help you navigate your options and find the right home for you.

Take the Next Step 

Ready to start your journey towards home ownership in London? By understanding your options and working with knowledgeable experts, you can confidently take your first step onto the property ladder and find a home that meets your needs and aspirations in this vibrant city.  

Get in touch with our team or explore our buying guides for more information.