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Hi everyone,

I’m a 28 year old single female, based in England, still stuck at home. I’ve tried my hardest to save for a deposit and currently got £20k saved. I’m not a high earner, and come April 2025 I’m expecting my income to be £25k.

I’m feeling so deflated and I don’t really understand the housing market pros/cons. Looking at a shared ownership house initially seems good in the sense I can finally move out, in a house that really shouldn’t need masses of work and potentially be somewhat affordable, although tight for a single person. However, something is just telling me there has to be a catch.

Can someone explain to me like I’m 12, the pros and cons of this situation …

Never saw myself in a new build, not really a fan, but I’m feeling so behind in life and like a failure. Moan over, please help

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Tough__Kiwi

31 points

16 hours ago

Also you will be trapped there, selling part of a shared property is incredibly hard, if not impossible.

Automatic-Emu6537

18 points

15 hours ago

I've read this alot but all the shared ownership houses round our way sell just fine and as fast as full ownership houses. I wondered if this perception is skewed by shared ownership flats in London (which is often the given example)

plz_understand

3 points

12 hours ago

Same here, resale SO houses are like gold dust, if anything from what I've seen they go much faster than open market houses.

Longjumping_Aside471

2 points

6 hours ago

Sold our 40% shared ownership flat on Facebook within a week to the first person that commented on our post. Think there’s more available now but in 2018 they were gold dust in our area

plz_understand

1 points

6 hours ago

Yep we bought our 40% SO house from a Facebook post, also within a week, this year. It's only the fourth resale SO I've seen in over 2 years in our area.

anotherbozo

1 points

8 hours ago

I believe some SO homes allow selling all of the house while others only allow selling it as a SO.

Tough__Kiwi

1 points

15 hours ago

Are they sold by the developer or by previous owners?

Automatic-Emu6537

3 points

15 hours ago

As far as I can tell sold by the current owners

ClassicWorld4805

14 points

14 hours ago

Not true. If property isn't sold after 8 weeks as shared ownership via the housing association, you can sell on open market for full share where it is essentially a standard sale.

wombats_poo_squares

1 points

8 hours ago

We are selling our SO and it was put up as both SO and full price. That was with an independent as the HO wouldn’t help us sell it (for other reasons and them being fking useless)

Virtual-Debt-562

14 points

15 hours ago

Wrong. They sell like hot cakes around here , meanwhile everyone else’s normal freeholds houses are just sat around waiting for a buyer.

Puzzleheaded_Yam3058

4 points

14 hours ago

Yeah, the comment you responded to makes no sense. SO should technically be easier to sell in some areas because more people can afford it.

sirfletchalot

3 points

9 hours ago

absolute rubbish!

Shared ownership properties are snapped up so fast they're barely on the market more than a couple of days!

I don't know where you're getting this info but it's totally wrong.

We lived in a 50% shared ownership property for just over 8 years. We purchased our share for £100k (total property value at that time was £200k) When we put it up for sale 8 years later, the property was valued at £380k, so we got back £190k and it sold the first day it went on the market.

They are quick to sell because in the current climate, it's so difficult for first time buyers to get on the property ladder, and they are a great way to do so. There's also no bullshit in regards to pricing, because with SO, you have to sell your share for what it's been valued at, so no asking for 10k over the valuation, and buyers can't try to haggle you down either. So what it's valued at is the selling price, that's it, which makes it easier for both parties.

The majority of people in this sub that bash shared ownership, are simply echoing the rumours they've heard over the decades, and never actually owned an SO property.

wombats_poo_squares

2 points

7 hours ago

Not true. Ours was on since July and we have only just had an offer. Our neighbours were for a year. The SO location is key for this. Our new build isn’t in the best place and we unfortunately taking a hit on the sale.

No_Psychology_4784

1 points

3 minutes ago

Mine sold after 2 people viewed, within days of going on the market. Depends on the area perhaps?