The average asking rent for homes has hit new record highs this year forcing many renters to look for suitable alternatives. One alternative to consider is Shared Ownership that allows first-time buyers to own their home, often for less than they would when renting!
Learn more about Shared Ownership
The eye-watering average rent for a home in London has surged to £2,567, according to data from Rightmove. The continued mismatch between demand from tenants and supply from landlords has fuelled the sharp increases in rents. Landlords have been hit with rising costs and significant increases in mortgage rates.
As with London, affordability of renting has been at its worst for a decade across the whole of the UK, with official Office for National Statistics (ONS) figures highlighting rents rising at their fastest annual rate since comparable records began in 2016. The average rent paid in England, according to the ONS, is £960, a figure that a renter in London would struggle to find any available places at that price.
It's not all doom a gloom, however, with Shared Ownership providing a suitable and often more affordable way into home ownership.
A guide to Shared Ownership
There are affordable renting and buying schemes, that are often less expensive than private renting and offer a first step towards homeownership. One of the most used affordable renting and buying schemes is Shared Ownership. This is a great option for those looking to move on from private rent and who want to take the next step into home ownership, but can’t quite afford to buy a home on the open market.
Shared Ownership is a part-buy part-rent scheme that enables buyers to purchase a share of a property while renting the remainder on a subsidised basis. As rents are subsidised overall monthly costs can be lower than private rent, so this is a great intermediary between renting and buying helping buyers own a share of a home without paying an unrealistic price.
Read our guide to Shared OwnershipSearch Shared Ownership homes
Peabody New Homes have a wide selection of developments across London and the Home Counties available through Shared Ownership. Search today and find your route to home ownership and out of renting.
Save over £850 a month on the total monthly cost when buying at New Mansion Square
£2,051 - The average monthly cost to buy a 1-bedroom Shared Ownership home at New Mansion Square.*
£2,930 - The average monthly rental price of 1-bedroom apartments within 1 mile of New Mansion Square.*
Homes at New Mansion Square
New Mansion Square is a stunning collection of Shared Ownership homes built as part of the Battersea Power Station regeneration Project. These must-see apartments boast private balconies or terraces as well as resident concierge service.
Homes at New Mansion Square are just a 5 minutes walk from Battersea Power Station underground on the Northern Line, moments away from the iconic Battersea Power Station and river Thames and benefit from an abundance of green space with residents only garden and short walk to Battersea Park.
*Monthly cost includes rent, estimated mortgage repayments* and service charges. The 2-Bedroom average monthly rental price within 1 mile radius of New Mansion Square is taken from data sourced by Rightmove, 07/08/2023.
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Save over £260 a month on the total monthly cost when buying at Southmere
£1,545 - The average monthly cost to buy a 2-bedroom Shared Ownership home at Southmere.*
£1,812 - The average monthly rental price of 2-bedroom apartments within 1 mile of Southmere.*
Homes at Southmere
Introducing Crane Court, the latest collection of homes at Southmere, part of the award-winning regeneration of Thamesmead, SE2. Set in a vibrant lakeside setting just minutes from Canary Wharf, with direct access to the exclusive podium garden, concierge service, residents lounge, and co-working space.
*Monthly cost includes rent, estimated mortgage repayments* and service charge. The 2-Bedroom average monthly rental price within 1 mile radius of Southmere is taken from data sourced by Rightmove, 07/08/2023.
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Find a Home
Find your place to call home with Peabody. We have a wide selection of homes throughout London and the South East available through Private Sale and with buying assistance including Shared Ownership and Help to Buy.
Shared Ownership
Shared Ownership is a part buy/part rent scheme that makes it possible for first time buyers to purchase a property that otherwise would not have been affordable. It is a government-backed scheme launched in 2006 for people who are unable to afford to buy a home at full market value.
Homeowner Stories
Read a collection of homeowner stories from Peabody New Homes and discover how we were able to support them onto the property ladder through the Shared Ownership buying scheme.