Canterbury Shared Ownership Housing & The Benefits

October 7, 2022

Canterbury is an old city whose history dates back to 576 AD. Its historic buildings are still intact, and millions of tourists visit them yearly. It is now regarded as a world heritage site as it perfectly preserves architecture from many eras.

The most famous tourist attractions of Canterbury are Canterbury Cathedral, St. Augustine’s Abbey, St. Martin’s Church, and the city wall. All these historic locations add a unique charm to the city. The whole City is clean, spacious and filled with greenery and nature.

Why live in Canterbury?

Living in Canterbury costs significantly less than living in London. The property prices and rents are lower than in London. Many people prefer to live in this City because of its beauty, grace and medieval atmosphere.

So, it is trendy among young people who want to buy a house for the first time. Everyone wants to live there because it is much more affordable and comfortable than London. And it’s very close to London; you commute between the two places in an hour by train.

Many British citizens working in London actually live in Canterbury https://moathomes.co.uk/county/Shared-Ownership-Kent/Canterbury. They commute between the two places daily to enjoy the benefits of both areas. London is an international city rich in opportunities but is crowded, congested and polluted.

On the other hand, Canterbury doesn’t have that many opportunities but is spacious, clean, and affordable. So, working in London and living in Canterbury is an excellent way to get the best of both worlds.

Canterbury shared ownership housing & the benefits

The average house price in Canterbury is about £331,378. It is quite a lot of money, and some people might not be able to afford it even through a mortgage. You need to deposit at least 5 to 10 per cent of the house price to get a mortgage from the bank. If you can’t afford the required deposit, then you won’t be able to buy the house. In such situations, you only have the option of renting a home or buying it through shared ownership. Buying a house through shared ownership is better than renting in Canterbury.

Following are some benefits of Shared ownership housing in Canterbury.

1. Less deposit

In shared ownership, you buy only a part of the house. It takes less money than buying a whole home. So, you only need to get a smaller mortgage from the bank. And a smaller mortgage means you need to pay a smaller deposit.

2. Become a homeowner

Buying a house through shared ownership in Canterbury makes you a homeowner. You are still a homeowner, even if you don’t own the entire home. It means you can stay in the house as long as you pay your rent and mortgage on time. It means that landlord can’t ask you to leave that house as long as you fulfil your responsibilities.

3. Buy more shares

You can buy more shares in the house when you can afford them. As you buy more shares in the property, your rent decreases. And you get more benefits from the rising property prices. And if you buy 100% of your house one day, you don’t have to pay any more rent.

4. Sell your shares at anytime

As mentioned before, Canterbury is a trendy place to call home. So, its property prices are rising steadily. If you buy a house on shared ownership, you can easily sell your part of the shares to make a profit. Shared ownership doesn’t impose any restrictions on buying and selling your shares. But you must sell all of your shares, not some. Once you sell your shares in a shared ownership house, you must move out of the house to make way for the next tenant.