New Housing Portal to Find New Homes for Sale in Lancashire on Affordable Housing Schemes

Nov. 28, 2011 - PRLog -- Everyone knows that the housing market is in crisis. This is no more obvious than in Lancashire, in the north of England, where the average house for sale stays on the market for 7 to 8 months, and certain towns and areas have shown very drastic drops in property values.

The National Housing Federation forecast that home ownership will slump to just under 64% over the next ten years, the lowest level seen since the 1980's. Home ownership has been sent into decline by high house prices, stricter mortgage requirements and the need for massive deposits. This depressing outlook on the future of the UK property market is blamed on an under-supply of homes across the country, especially in poor counties in the north of the UK, like Lancashire.

Peter Stoney, from Liverpool University’s management school said Lancashire needed more low-cost high-quality housing to cope with the problems. A number of housing development companies are looking to build and supply well priced houses to the Lancashire housing market and offer various schemes to make home ownership affordable and attainable for more.

You can now find new homes for sale in Lancashire through the property portal 'WhatHouse.co.uk'. Currently there are thirty-eight new developments for sale in Lancashire, listed for sale on WhatHouse from well known developers such as Taylor Wimpey, Bovis homes, Redrow and David Wilson Homes.

A number of these developers with new homes for sale in Lancashire offer schemes to allow people, who would otherwise be unable to purchase a new home in Lancashire get on the property ladder. Such affordable housing schemes, some backed by the Government, give new home owners the chance to get on the housing ladder and WhatHouse.co.uk is the perfect new home guide for searching for new home for sale in Lancashire and finding new home developers who offer such schemes.

A example of such a scheme, and one offered by Redrow homes, who have new homes for sale in Lancashire listed on the site, is a shared equity scheme. Simply this means that the new home owner only need get a mortgage and deposit for 70% of the total purchase price and the housebuilder will give an equity loan ( a second charge on the new home) for the rest. This equity loan is interest-free for the first five years and then only charges a low interest after that.

Some new home developers in Lancashire offer a shared ownership scheme on a part buy/part rent basis. The new home owner buys a share of their new home in Lancashire and this can be as little as 24%. They only then have to get a mortgage and deposit for that percentage share, meaning a much lower burden on the home buyer. The home owner then pays rent at around 80% of market rent value on the share they do not own. The developer or housing association does not live in the property they co-own or have any right to do so. Overtime and with lower mortgage repayments, the new home owner can increase their share in the new home in Lancashire. Often homes for sale through such a scheme are new or refurbished and also sometimes stamp duty is waived on the purchase of the new home in Lancashire.

What House property portal also offers daily news, articles and expert advice from housing and mortgage specialists for anyone considering buying a new home for sale in Lancashire. Visit http://www.whathouse.co.uk/new-homes-search?keys=lancashire for more information.