Buying my first home in North Devon – North Devon Homes Shared Ownership case study by Endymion Beer
“I found attempting to get a foot hold on the property ladder to be quite a daunting task. Generally, it seems, people are buying their first homes a little later in life than in past decades. Certainly that is true of myself. Having kept an eye on the market, my budget as a first time buyer, afforded little choice. And so the search went on, time went on, and the research into all possibilities continued.
I registered an interest with Help To Buy South West and a few other organisations offering similar opportunities. Sometime later ... I had a letter asking me if I would be interested in a new development, based on a shared ownership scheme with North Devon Homes.
I was invited to view the property … The terrace of four houses with foxglove coloured doors felt very cosy. The design was aesthetically pleasing, light and airy inside, perfectly practical and in a convenient location with regards to my place of work. The link road was accessible for commuting to work and for my self- employed illustration business. I could see the potential with the garden and to top it all the house had solar panels, was fully insulated and eco-friendly. The shed, washing line, water butt and composting bin were all part of the package. I accepted immediately on the first viewing … The plot was immediately reserved in my name and I felt like the luckiest person alive … my home is practical, sensible and something I can realistically work towards owning one day. It is also far better than anything I had looked at previously, simply because, as it was shared ownership, the whole property was actually in a higher price bracket … I had the opportunity to buy the remaining shares one day from my landlord. The future looked bright!
I have made my house a home. I think it is beautiful ... it fits my needs and I feel I am extremely lucky. I was born in this town but, have visited many other locations on business. I always feel a pull back towards my home town every time I leave. Close to the sea, close to lovely Exmoor and Dartmoor – we are lucky to live in Devon … I have come back to my roots, back to the town where I was born and I love my North Devonshire home”.
North Devon Homes Shared ownership properties
North Devon Homes are committed to providing shared ownership homes to the North Devon area, as demonstrated through our past and future development programmes.
Shared ownership schemes (known as part buy / part rent) offer purchasers the opportunity to buy a percentage share (40-75%) of the property, and pay a discounted rent on the remaining share. North Devon Homes also offer the option for shared owners to acquire further shares (known as “staircasing”) of their home, up to 100%, where owners will own their home outright.
During the last 18 months North Devon Homes have provided a mix of 2 and 3 bedroom shared ownership houses:
- 18 homes on Forches Estate Phase 2
- 9 homes on Woodville Estate
- 3 homes at Sandringham Gardens
Our future development programme includes plans to build 11 shared ownership properties on the Anchorwood Bank development in the centre of Barnstaple.
Please visit www.helptobuysw.org.uk and register your interest as a first step to shared ownership. Help to Buy South West are the regional agents for shared ownership and other similar schemes and their web site provides further useful information