{"id":147134,"date":"2024-09-22T16:00:06","date_gmt":"2024-09-22T09:00:06","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/affordable-shared-ownership-homes-cost-residents-more-than-half-their-wages\/"},"modified":"2024-09-22T21:56:13","modified_gmt":"2024-09-22T14:56:13","slug":"affordable-shared-ownership-homes-cost-residents-more-than-half-their-wages","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/affordable-shared-ownership-homes-cost-residents-more-than-half-their-wages\/","title":{"rendered":"\u2018Affordable\u2019 shared-ownership homes cost residents more than half their wages"},"content":{"rendered":"


\nMany people now feel trapped despite major provider\u2019s guidance that mortgage, rent and service charges should not exceed 40% of take-home payResidents who bought shared-ownership properties promoted as \u201caffordable homes\u201d say they now feel trapped because they have to spend more than half of their net salaries on mortgage repayments, rent and service charges.Campaigners say residents have become the victims of financial abuse after buying properties promoted as a step on the property ladder, only to be told of dramatic increases in service charges. Some residents face annual charges of more than \u00a35,000 a year. Continue reading…
\n
\nSource : theguardian.com
\nRead more…\u2018Affordable\u2019 shared-ownership homes cost residents more than half their wages<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Many people now feel trapped despite major provider\u2019s guidance that mortgage, rent and service charges...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-147134","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-Ch8","jetpack-related-posts":[{"id":149674,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residents-trapped-with-service-charges-of-up-to-8000-a-year-threaten-legal-action-against-government\/","url_meta":{"origin":147134,"position":0},"title":"Residents trapped with service charges of up to \u00a38,000 a year threaten legal action against government","date":"March 1, 2025","format":false,"excerpt":"\r Owners of homes marketed by housing associations as \u2018affordable\u2019 are planning a challenge as service costs spiral\u2022 \u2018There is no way I can pay\u2019: residents despair of steep costs and \u2018poor door\u2019Residents trapped in properties marketed as \u201caffordable\u201d are planning legal action against the government after being hit with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":143264,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/were-being-ripped-off-englands-affordable-housing-residents-who-are-being-priced-out-of-their-own-homes\/","url_meta":{"origin":147134,"position":1},"title":"\u2018We\u2019re being ripped off\u2019: England\u2019s \u2018affordable-housing\u2019 residents who are being priced out of their own homes","date":"March 30, 2024","format":false,"excerpt":"\r Service charges for shared-ownership houses have rocketed, leaving many unable to pay. We hear their storiesWhen the construction company Lendlease first promoted the regeneration of Elephant and Castle in south London, it promised a host of benefits for the local community.It said the area would gain more than 3,000\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":143262,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/outrage-as-residents-in-englands-affordable-housing-forced-to-pay-thousands-of-pounds-extra-in-service-charge\/","url_meta":{"origin":147134,"position":2},"title":"Outrage as residents in England\u2019s \u2018affordable\u2019 housing forced to pay thousands of pounds extra in service charge","date":"March 30, 2024","format":false,"excerpt":"\r Pressure on Michael Gove to act as householders see bills rise 40%, with many saying that they cannot afford to paySome of the UK\u2019s largest housing providers have dramatically increased annual service charges by thousands of pounds, plunging residents into financial crisis, an Observer investigation has found.Many residents who\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":149758,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-housing-associations-accused-of-mis-selling-affordable-homes-as-service-charges-soar-by-up-to-400\/","url_meta":{"origin":147134,"position":3},"title":"UK housing associations accused of mis-selling \u2018affordable\u2019 homes as service charges soar by up to 400%","date":"March 9, 2025","format":false,"excerpt":"\r Buyers say they were misled over likely rise in costs after they moved in, which are now \u2018ruining people\u2019s lives\u2019Housing associations are facing allegations of mis-selling so-called \u201caffordable\u201d homes, with service charges that have soared, in some cases by more than 400%, after residents moved in.Marketing and property documents\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114025,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/thousands-trapped-in-limbo-by-post-grenfell-fire-safety-standards\/","url_meta":{"origin":147134,"position":4},"title":"Thousands trapped in limbo by post-Grenfell fire safety standards","date":"February 2, 2020","format":false,"excerpt":"\r Mounting confusion about cladding has forced many to rent \u2013 or live in unsaleable homesIt was in April 2018 that Danyal Aziz reserved a shared-ownership flat at the Paragon in Ilford, east London. The development, built with government funding to provide affordable housing, was supposed to be completed that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34376,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shared-ownership-only-way-to-buy-or-worst-of-both-worlds-readers-views\/","url_meta":{"origin":147134,"position":5},"title":"Shared ownership: only way to buy or worst of both worlds? – readers' views","date":"November 15, 2016","format":false,"excerpt":"\r Mixing rent and a mortgage gives tenant-owners mixed feelings. Equity gains are welcome, but there are fears about high rents and affordabilityAppetite is growing for shared ownership schemes in areas where many people are priced out of the housing market. But what\u2019s it really like? Readers report mixed feelings\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/147134"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=147134"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/147134\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=147134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=147134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=147134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}