Shared ownership is an option available on selected new homes in Morriston, helping to make them easier to afford.
A new phase of homes at Parc Ceirw Garden Village has been released for sale under the scheme to coincide with New Homes Week (February 27 – March 3).
Edenstone Group sales director Adele McCoy explained: “With the rising cost of living, some people may be reconsidering their chances of owning their own home. We are encouraging would-be first time buyers to look at all of the options available as they could find buying a new build home in Morriston is easier to afford than they realised.
“Working with Coastal Housing and the City and County of Swansea we’re helping those who are starting out in life make that crucial first step onto the housing ladder. First time buyers who wouldn’t be able to afford to meet the full cost of home have the chance to purchase a property for just 70% of its market value. There’s no rent to pay on the remaining 30%. The 30% is only repaid when they resell.”
Homes available to purchase in this way include the two-bedroom Ogmore. It would cost £225,000 to buy on the open market, but eligible purchasers can use shared ownership to secure the Ogmore for £157,500, which is just 70% of the market value.
For those looking for a larger home, a three-bedroom semi-detached Wye, which would usually cost £245,000 on the open market, can be purchased for £171,500 using the shared ownership scheme.