Forster Oaks shared ownership flats are ideal for first-time buyers

PUBLISHED: 10:39 22 October 2020

The living area in a two-bedroom apartment at Forster Oaks. Photo: Stuart Thomas

The living area in a two-bedroom apartment at Forster Oaks. Photo: Stuart Thomas

www.stuthomas.com

So Resi Forster Oaks offers an affordable route to home ownership

The apartments feature modern kitchen and dining areas. Photo: Stuart ThomasThe apartments feature modern kitchen and dining areas. Photo: Stuart Thomas

The latest figures reveal that 56 per cent of first time buyers under the age of 35 have been funded by the Bank of Mum and Dad, but young buyers without the financial support from their parents are searching for alternative routes to homeownership.

Shared ownership is proving particularly popular, with SO Resi Forster Oaks in Stevenage seeing an increased demand from aspirational buyers hoping to get onto the property ladder.

Accessible route to homeownership

Forster Oaks in Stevenage. Photo: Stuart ThomasForster Oaks in Stevenage. Photo: Stuart Thomas

Shared ownership is open to both first time buyers and those looking to get onto the property ladder. At SO Resi Forster Oaks, buyers are able to purchase a minimum share of 35 per cent with just a five per cent deposit. There’s then the option to increase their shares via a process known as staircasing when they can afford to do so. What’s more, the current stamp duty holiday means that buyers are exempt from the additional tax, making buying a home more accessible.

Desirable location

Beyond the development, the town of Stevenage offers a wealth of leisure opportunities. Whilst St Nicholas Park, which offers 28 acres of parkland, is within walking distance of the development, the town centre is just a 10-minute drive, featuring a combination of shops from high-street favourites such as H&M and Debenhams, to a number of independent boutiques.

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London can be reached in 23 minutes and the A1 motorway is just a five-minute drive away. For travel further afield, Luton Airport is only a 24-minute drive.

High specification homes

SO Resi Forster Oaks offers a collection of high specification two-bedroom apartments, each of which boast an ensuite shower room, Juliet or full balcony and integrated appliances. The new homes have been designed with spacious open-plan living areas, which can easily be adapted into a comfortable home working environment. Residents also benefit from an allocated parking space and secure cycle storage.

Developer’s view

Kush Rawal, director of residential investment at Metropolitan Thames Valley Housing, said: “It is becoming increasingly challenging for first time buyers in particular to get onto the property ladder, so it is unsurprising that we are seeing a high volume of interest for our shared ownership homes.

“SO Resi Forster Oaks is a fantastic development for first time buyers, thanks to its desirable location and low deposit requirement.”

More information

Prices start SO Resi Forster Oaks start from £86,100 for a 35 per cent share of a two-bedroom apartment (full market value: £246,000). To find out more or to arrange a viewing, call 020 8607 0550 or visit soresi.co.uk/forster-oaks.


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