New homes being built for shared ownership in Salford are offering families locked out of the housing market the chance to take a first step on the property ladder.
ForLiving, which is part of the ForViva group, is providing 50 homes for shared ownership across three sites, with the first of the properties now on sale.
A total of 12 homes have been put on the market at the Barton Canalside scheme, with 16 properties available for purchase at the Clifford and Green Street development in Eccles. A further 22 homes will be built for shared ownership later this year as part of the regeneration of the former rugby league ground at the Willows in Weaste.
Under the shared ownership programme buyers can purchase between 25% and 75% of the home, with the outstanding share rented from ForLiving.
A study from Which? Mortgage Advisors showed house prices rising significantly in Salford in recent years, with the average price of a property in some areas leaping by more than a third last year.
Salford mum-of-two Ruth Murphy and her family were amongst the first to move into the shared-ownership homes at Barton Canalside. She says she had all but given up on ever owning a home of her own after her and husband Paul, 29, who works as a joiner, were refused a mortgage after more than six years saving for a deposit.
“We’d spent six years constantly saving every penny we could,” said the 27-year-old who is mum to Abbie, five, and six-month-old Grayson. “We tried everything. I had two jobs to bring in extra money and we even moved in with Paul’s parents for a while to save on rent.
“Every time we got close something would come up. Paul’s van would breakdown, or we’d have a big expense with the kids and we’d have to start over again. I am sure we were in the same situation as lots of other families.”
The couple, who were married in 2014, first moved in together six years ago, renting a property in Eccles from housing association City West Housing Trust, which owns and manages 14,600 homes in Salford and is also part of the ForViva group.
“It felt like the natural next step,” added Ruth. “We had just moved in to a rented house together and had a young family on the way, so we wanted a place of our own. After so many years of saving it was a big blow to hear that the bank wouldn’t give us a full mortgage. We had pretty much given up on the idea until we heard about shared ownership.”
Ruth and Paul were able to move in within weeks of first visiting their new homes, taking a 40% stake in the property. The couple say that more people who don’t believe they can afford to buy a house should consider purchasing through shared ownership.
Ruth said: “It was a simple process. I think some people are scared by shared ownership because it’s new, but it’s been great for us. We have a beautiful home that is much nicer than we could have afforded had we been able to buy a house outright. The house is right next to the Bridgewater Canal and we have a lovely back garden.
“We have the best of both worlds. We own a bit of the home so feel like we have a long-term investment. The plan is to keep buying bits of equity, so we own more and more. I am so happy here and don’t ever want to move.”
Paul Gerrard, Assistant Director of Business Development at ForViva, said: “There are hundreds of families in Salford that are in a similar position to Ruth and Paul. With house prices rising and banks asking for such large deposits owning your first home can feel like an impossible dream. Shared ownership is a fantastic option for those looking to take their first step on the housing ladder.
“By bringing forward these shared ownership properties we are demonstrating our commitment to deliver more homes in Salford across a variety of tenures to match the needs of local people. We have an ambitious development programme and we are looking forward to building many more much needed new homes over the coming years.”
To find out more about ForLiving’s schemes visit www.for-living.com, email hello@for-living.com or call 0300 123 55 22.
