The new year is a natural time to set goals for the upcoming 12 months. For many first-time buyers, finally purchasing a home is at the top of their list. If you’re one of them, January could be the perfect time to take the leap from renting to owning by starting your Shared Ownership journey.
From a potentially quicker processing time to starting the new year with a new chapter, here are some of the benefits you can enjoy when you decide to buy a new Shared Ownership apartment in January.
It’s the perfect time for a fresh start
In January, thoughts often turn to resolutions and aspirations for the year ahead, including the major milestones we want to achieve in life. There’s a reason for that. Psychologists refer to moments like the new year as a ‘temporal landmark’; a moment in time that marks a clean break from the past and a sense of moving forward. This ‘fresh start feeling’ can give us the motivation we need to make big decisions, like buying a home.
Mortgage approvals are expected to rise
Now that the Autumn Budget is done and dusted, industry experts predict that mortgage approvals will rise in 2026 as confidence among lenders increases. If inflation continues to fall, the Bank of England may also cut the base rate of interest which could reduce borrowing costs on mortgages, leading to more approvals.
Your paperwork could be processed faster
January can be a quieter month for the housing market compared to busier periods like spring and autumn, so mortgage brokers and solicitors may have lighter workloads. This makes for potentially faster processing of your mortgage application and legal paperwork. While this isn’t guaranteed, you could enjoy a smoother and more seamless homebuying journey in January.
Learn more about the Shared Ownership buying process in our handy guide.
You could move in by spring
The Shared Ownership process typically takes between one and three months to complete. That means you could have the keys to your first home in hand by spring, the season of new beginnings – in other words, the perfect time to begin your next chapter as a homeowner.
You can start building equity sooner
The sooner you become a shared owner, the sooner you can start building equity in your investment through your monthly mortgage repayments. And when your financial circumstances improve, you can start staircasing – the process of buying more shares in your home – and build even more equity.
Find your new home with Newlon Living
Ready to start the new year in a new home? Begin your buying journey by exploring our apartments in North London, including Shared Ownership new builds in Oakwood, Ponders End and Tottenham Hale.
