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Homematch Property Show helps Londoners make their move sooner rather than later

27 June 2013

Over 1200 people flocked to the inaugural Homematch Property Show to find out more about low cost home ownership in London.

In a week where latest figures from Shelter report that young people may have to wait over a decade to be able to buy a home of their own, first-time buyers flocked to the Homematch Property Show on June 15 to size-up their low cost home ownership options, which can reduce the wait by up to five years.

The show, hosted by Metropolitan and featuring 15 housing providers, including East Village, A2Dominion, Newlon, East Homes and Genesis Homes, as well as specialist financial advisors and solicitors, proved highly popular with priced out home-hunters, with over 1500 free tickets downloaded and over 1200 people attending on the day.

Home Ownership Director Bernie Conroy who gave a presentation at the show said:

"This was the first show that Homematch have produced and we were staggered by the response. Working Londoners on average incomes are desperate to put down roots in a city which is a fantastic place to live but where homes are priced beyond their reach.
There was a lot of interest in Shared Ownership as the main route to entering home ownership at the event.”

Shared Ownership – which offers a route to buying new and resale homes affordably on a part buy, part rent basis – enables home buyers to buy a share of between 25% and 75% in the value of a home depending on what they can afford, and pay a rent (capped initially at 3%) on the remainder. This reduces both the costs of buying initially as buyers only need to raise a deposit on the value of the share that they’re buying and brings monthly housing costs down to about 80% of the cost of buying the same outright or renting it privately. In London, single households earning less than £66,000 (for households buying a one or two bedroom home) and £80,000 (for those needing a three bedroom home or larger) are potentially eligible to buy with Shared Ownership.

Bernie Conroy adds:

"Buyers are now seeing it as a mainstream way to buy into London. Plus at Homematch we've simplified the application process and reduced the paperwork and customers have really responded to that.”

An early analysis from the show, which was free to attend, revealed a cross-section of young couples, single people, students with parents who were helping them onto the ladder, older people and families.

Colin McLennon, Head of Home Ownership Services said:

"By applying to Homematch, potential home buyers can make themselves more of a hot prospect for Shared Ownership as we collect information that helps the housing providers make a quick decision about who meets the eligibility criteria for the homes that they have to offer.”

Customers attending the show gave very positive feedback to Homematch, one attendee said:

“The short presentation talk was brilliant; the shared ownership and mortgage advice was very helpful, as were the Homematch staff. I’m very happy that I found out about this open day!”

The success of the event, says Bernie Conroy, will enable Homematch to build more partnerships with housing providers to offer greater location of choice and properties.

The event was sponsored by solicitors Winckworth Sherwood and Penningtons.

 

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