There are many affordable homes available in the United Kingdom. Here are some options and suggestions to consider:
1. Shared Ownership Homes: This is a scheme where you can buy a portion of the property and pay rent on the remaining portion. You can buy a share that is typically between 25% and 75% of the home’s value, and then you pay rent on the portion you don’t own. This can be an affordable way to get onto the property ladder.
2. Help to Buy: This is a government scheme that provides an equity loan to help first-time buyers get onto the property ladder. You can borrow up to 20% of the value of a new-build property, and you won’t have to pay interest on the loan for the first five years.
3. Affordable Housing: Many housing associations offer affordable homes for sale or rent. These homes are typically aimed at people on lower incomes or those who are struggling to find affordable housing in the private sector.
4. Starter Homes: The UK government has pledged to build 200,000 starter homes by 2020. These homes will be sold at a discount of 20% to first-time buyers under 40 years old.
5. Auctions: Attending property auctions can be a cost-effective way of finding a property that is within your budget. Many properties sold at auction are in need of renovation, but if you are willing to put in the work, you could end up with a home that is both affordable and full of potential.
It’s important to do your research and seek advice from a professional before purchasing any property. You can also take advantage of online resources such as Rightmove or Zoopla, which allow you to search for properties based on your budget and preferred location.
