New two, three and four-bedroom shared ownership homes have gone on sale at a new development in Wantage, offering prospective buyers an alternative route into home ownership at a time when property prices remain a significant barrier for many households.
The first phase of homes at The Orchards, part of the Kingsgrove development in Wantage, is being offered through housing provider Abri Homes, with prices starting at £112,875 for a 35% share of a two-bedroom house with a full market value of £322,500.
The development is aimed at people who may struggle to purchase a home outright, including first-time buyers and existing homeowners looking for additional space.
The launch comes against a challenging local housing market. Rightmove records an average sold house price in Wantage of £371,422 over the past year, with prices having fallen by 4% compared with the previous year but remaining close to the town’s recent peak.
Buying a share rather than the whole property
Under the shared ownership model, buyers purchase a percentage of a property and pay rent on the remaining share. They can subsequently purchase additional shares – known as staircasing – as their financial circumstances allow.
For the cheapest homes currently advertised at The Orchards, a 35% share costs £112,875, with a minimum deposit of £5,644 based on a 5% deposit.
However, the deposit is only one part of the cost. Buyers also need to budget for mortgage repayments on the share they purchase, rent on the remaining share and a service charge.
Abri’s current listing for one of the two-bedroom homes gives an example of £480 rent and an estimated £45 monthly service charge, while the service charge is subject to annual review.
The homes are leasehold, with a 990-year lease, according to the developer’s current listings.
Homes at the edge of Wantage
The Orchards comprises two, three and four-bedroom houses in the Kingsgrove development on the edge of Wantage.
The development is within reach of Letcombe Valley Nature Reserve and Wantage town centre, while Didcot Parkway is around eight miles away and provides rail connections towards London, Oxford, Bristol and Cardiff.
Current listings show a range of homes available through shared ownership, including two-bedroom properties and larger three- and four-bedroom houses.
For local households priced out of conventional home ownership, shared ownership can provide a lower initial purchase price, although the overall affordability of each property will depend on the buyer’s mortgage, rent, service charge and other household costs.
The launch adds another option to Wantage’s growing new-build market, where shared ownership properties are currently being advertised alongside conventional homes.
