Shared Ownership Homes in Olney

Are you looking for a home in Olney but can’t afford the deposit or full market value? This is the right page to be on to find all the information you need.

Since 1966, Accent Housing has been providing homes all across the country because we believe that everyone has a right to have a warm and safe space to call home. As we are a housing association, we really understand that living in a home isn’t a reality for everyone.

Therefore, shared ownership is a great alternative for residents who can’t afford their home at its full market value. Residents can buy a share in a resale property or a new build.

In this Accent blog, we’ll provide you with information on shared ownership, the area of Olney, and your next steps (if you’re seriously considering a shared ownership tenancy).

What is Shared Ownership?

Shared ownership is a government scheme which allows an eligible person to purchase a share into a property while paying the rest through rent. It is also known as ‘part-buy, part rent’.

You can purchase a share of between 25%-75% of the property from a housing association and then pay rent of up to 3% on the remaining share. (A housing association is a not-for-profit organisation that supplies housing.)

Typically, an eligible buyer needs to pay a minimum deposit of 5% which is determined by their share.

Am I Eligible For The Shared Ownership Scheme?

To apply for a shared ownership home, you have to make sure you’re eligible first.

Here’s a few criteria that determine eligibility:

  • This must be your only home. That means you’ll either be a first-time buyer or someone who previously owned a home and no longer does.
  • Your household earns no more than £80,000 a year, or £90,000 if you are a resident of London.
  • You must be a British or EU/EEA citizen or have indefinite leave to remain.
  • A deposit of usually 5%-10% of the share your purchasing is required.
  • If you can buy a similar home outright, you are not eligible to purchase a shared ownership home.

Is Olney A Nice Place To Live?

Located in the country of Buckinghamshire, Olney is in the South East of England and 51 miles from the capital, London.

Olney is a quiet market town and this old-fashioned style of village life has its charms. In fact, Olney ranks in The Sunday Times’ best places to live 2022.

Location

Just 11 miles from Bedford, Northampton, and Milton Keynes, Olney is a beautifully preserved Georgian town. It boasts lovely high streets and a farmer’s market on every first Sunday of the month.

Olney has a great location – it’s within an hour’s transport from two major cities in the UK, London, and Birmingham.

When commuting, Milton Keynes station is a short 15 minutes away and the fastest train to London takes just over 30 minutes. The train to Birmingham takes under 55 minutes.

Education

From good-to-excellent rated primary and secondary schools, and nearby colleges, Olney is a great place to live whether you have young or older children.

Ousedale School is a great secondary school, and Olney Infant Academy and Middle School are good options for younger children. The more independent Thornton College is just out towards rural Milton Keynes, along with the separate Bedford Schools for boys and girls.

Attractions

If you’re a nature lover then you’re in luck. Olney has plenty to offer.

The ancestral home of the 7th Marquess of Northampton, Castle Ashby and the grounds are open year-round. So in the summer, these Italianate gardens and the orangery are the perfect place to visit.

Salcey Forest is another great attraction. An ancient woodland that is managed by the Forestry Commission, this place is amazing for bike rides and hikes.

Shared Ownership in Olney with Accent Housing

All of our available shared ownership homes are available on homemadehomes.com/our-homes. Homemade is an experience property sales team within Accent. We offer both new and resale shared ownership homes.

Over the years, we’ve helped thousands of people fulfil their ambition of being homeowners with our shared ownership properties. Our team are experienced industry experts and proud of what we do. We would love to help you find your next home so don’t hesitate to contact us.

 

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