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Part buy part rent market picks up

SHARED OWNERSHIP experts have reported a strong surge of interest in part-buy part-rent homes across North Hampshire, confirming national reports of increased activity in the property market.

 

Sentinel Housing Association has seen increased activity in the first three months of 2009, as first-time buyers scour the local market.

 

House prices in Basingstoke fell 14% in 2008, and a further 5% in the three months to March, bringing prices for shared ownership within reach for hundreds of low income couples, individuals and families.

 

The trend is borne out by new figures from Sentinel’s website, showing that the ratio of visitors looking for information on shared ownership has nearly doubled in the last three months.

 

Homescope Manager Liz Benson said: “It may be that people are sensing the bottom of the market approaching, as more people recognise our prices are within reach.

 

“Our most popular development at the moment is Park Prewett Road in Limes Park, Basingstoke, and we are now finding that people are able to secure the appropriate level of mortgage. We’re definitely seeing more enquiries for part-buy part-rent.”

 

Online visitor analysis shows that Sentinel’s online shared ownership property search at www.sentinelha.org.uk/homescope is now second only to the housing association’s homepage in popularity.

 

Liz added: “We are reviewing our sales prices regularly and pricing our shared ownership properties realistically.   This is resulting in a good level of sales and we have more properties in the pipeline, so we will continue to help those unable to afford 100% house purchase.”