Did you know that shared ownership isn’t just for first-time buyers? Whether you’ve owned a home before, need more space (or want to downsize), or simply dream of living in the vibrant Brewery Square, shared ownership with Aster at The Hops could be the perfect solution for you, especially when you compare it to private renting a home.

The private rental scene in Dorchester

As of late October 2024, finding a rental 4-bedroom home in Dorchester is quite the challenge. A quick look at Rightmove and OnTheMarket shows no available homes and if you’re okay with squeezing into a 3-bedroom house, you’ll be looking at rents between £1,300 and £1,450 per month. But let’s be honest, that might not be enough space for everyone. Plus, there are several downsides to private renting:

- No personal touch: Many private rental agreements don’t allow you to decorate or make significant changes, so it can be hard to make the place feel like your own home.

- Uncertainty: There’s always the risk that the landlord might decide to sell the property, leaving you to find a new home.

- No investment: Rent payments don’t help you build equity or own an asset.

But what alternative do you have? Saving for a deposit in the region of £10,000+ would take most people a very long time, and then you must be able to secure a large mortgage for the full market price of that 4-bedroom home you dream of. If only there was a more affordable opportunity…

Introducing shared ownership at The Hops!

Shared ownership not only provides you with solutions to the worries that private renting can bring, but it also offers several other benefits:

+ Security: You won’t have to worry about a landlord selling the property.

+ Personalisation: Shared ownership allows you to decorate and truly make the home your own.

+ Mortgage affordability: You only pay a mortgage on the share that you’ve purchased.

+ Lower deposit: You usually only need to raise a deposit on the share of the property you are buying, which can be as low as 5%!

+ Below-market rent: You then pay a below-market rent on the rest of your sparkly new home to the friendly folk at Aster.

And that’s not all! Shared ownership could be more affordable per month.

Below I have shown breakdown of the monthly cost of one of our 4-bedroom homes at The Hops to compare with a recent private rented 4-bedroom home let for £1,700 PCM at the beginning of October in Dorchester. Ps. The comparison home has only three double rooms and one box room, while the homes at The Hops have four spacious double rooms.

The below amounts have been based on purchasing a 25% share of a home with a full market value of £470,000. The share value is £117,500 and a 5% deposit of this would be £5,875.

  • Rent: £807.02 per month
  • Mortgage: £613 per month (based on a 5.2% 2-year fixed product type from Newbury Building Society via S2B mortgage calculator)
  • Service charge: £109.44 per month.

These costs combined give a total monthly cost of £1,529.46 which is less than private renting. So, choosing shared ownership at The Hops not only offers a more affordable monthly cost but also provides the benefits of home buying, such as security, personalisation, and possible investment. Given the current rental market in Dorchester, shared ownership stands out as a smart and more affordable option.

For more information on the homes available now at The Hops please click here.

(*Private rent v’s buying with shared ownership figures are based on the monthly rental of a 4-bedroom home in Dorchester, data from OnTheMarket. Monthly mortgage costs are based on the purchase price of a 25% share of a 4-bedroom home at The Hops on a 95% LTV 2-year fixed rate at 5.2%. All figures correct as of 31.10.2024)