Shared Ownership: an affordable way to get on the Bristol property ladder

With the rising cost of living effecting everything from fuel to the food shop, it’s understandable that those looking to get on the property ladder might be feeling disheartened lately. But, whilst it’s true that house prices, interest rates, and mortgage rates are higher than they have been for some years, there are still plenty of affordable options available in Bristol.

Let’s start with the facts. According to Rightmove, as of March 2023, the average house price of a property in Bristol over the last twelve months is £394,484 – this is up 10% from the previous year and nearly 8% higher than the average UK house price. That puts the standard 10% deposit for a home at around £40,000. With savings taking a back seat for many aspiring home owners as they focus on meeting day to day expenses, this makes affording a Bristol property no easy feat.

But there is good news – Shared Ownership, a government-backed scheme, opens up the possibility of home ownership for many people who’ve found themselves priced out of the open market. The scheme allows buyers to purchase an initial percentage of a home, usually between 10% and 75%, and pay a low-cost rent on the rest. A deposit is also required, from 5% of the share being purchased. Further shares of the property can then be bought (known as staircasing) which will decrease the amount of rent paid. For example, a 40% share of a three bedroom mid-terraced house in Abri Homes’ Shackleton Heights could be purchased for £136,000, instead of the full market value of £340,000, with deposits starting from just £6,800; although Shared Ownership homes at this development are now fully sold.

Abri Homes, one of South’s largest housing providers, deliver many of Bristol’s Shared Ownership homes. They build, own, look after and sell homes that people can afford: ranging from one bedroom apartments to three bedroom family homes in Bristol’s most popular areas. Coming soon to Bristol are two exciting developments: there’s The Old Brewery: one, two and three bedroom apartments in Southville, complete with a landscaped courtyard and commercial space for businesses, shops and entertainment venues (details to be confirmed shortly). Or, if you’re looking for something closer to the city centre, a stunning apartment in Coopers Court will have everything you need in the city’s emerging leisure quarter. And, if you’re looking beyond Shared Ownership to the open market, there’s still a collection of two, three and four bedroom homes available at the previously mentioned Shackleton Heights development in Lockleaze.

Wherever home may be, buying a property is undoubtedly one of life’s biggest decisions – both financially and emotionally. That’s why Abri Homes will make the process as easy as possible. To Abri Homes, home isn’t just a place: it’s feeling safe, secure, and happy.

To register your interest or find out more about our wide range of homes across the south and south west of England, visit abrihomes.co.uk