New development in North Devon offers affordable housing option

A new housing development in North Devon is providing an alternative route to homeownership through Shared Ownership, a scheme designed to help buyers enter the property market with lower upfront costs.

The Bay View development, located just outside Bideford, offers a selection of three- and four-bedroom homes through the Shared Ownership model. 

This scheme allows buyers to purchase a percentage of the property (between 25 per cent and 75 per cent), with the option to rent the remaining share. 

Over time, buyers can increase their share of the property through a process known as "staircasing."

According to Home Reach, a 30 per cent share of a home at Bay View is available from £103,500, with a deposit requirement starting at just over £5,000, depending on the share purchased. 

The company states that this scheme provides an affordable way for first-time buyers to get onto the property ladder in a region where house prices have been rising.

The development, located on a hill, offers views of Barnstaple Bay and the surrounding coastline, including beaches like Westward Ho!, Saunton Sands, and Northam Burrows. Bideford itself provides a range of amenities, including shops, schools, and outdoor activities such as walking, cycling, and golf.

While Shared Ownership is not a new concept, it is gaining popularity as a way to help people enter the housing market in areas where property prices are high. 

As Home Reach points out, this option allows buyers to start with a smaller share of the property and increase their ownership over time, spreading out the financial commitment.

Bay View is part of a wider trend of new developments across the country offering Shared Ownership properties. 

All details, pricing, and information in this article have been provided by Home Reach.