The cost of renting privately continues to reach record levels, whilst prices of properties in Hull continue to be out of reach for the average first time buyer. Add to this the ending of the Government’s Help to Buy scheme and it’s not surprising owning or even renting their own home has become a distant dream for so many.

Shared ownership could, however, provide a route for many on to the property ladder and one which enabled Becca Thomas and her family to buy a home of their own. The 25-year-old was renting privately with her husband and two daughters before she bought a three bedroom semi-detached house through Snugg Homes.

"We didn’t have the security we needed in a rented home," she said. "A previous house we’d rented was sold whilst we were living there and we only had six weeks’ notice to leave. We couldn’t afford a traditional mortgage, but with shared ownership we were able to get on to the property ladder."

A range of family homes is available for shared ownership from providers Home Reach and Sage Homes at Hesslewood Park in Hessle, five miles west of Hull City centre. The development is surrounded by picturesque farmland yet is minutes away by car from the Humber Bridge and the A164.

Home Reach is currently marketing a three bedroom family home at the development from just £122,500 for a 50% share with a minimum deposit of £6,125. Sage Homes has a two bedroom semi-detached home available from just £46,250 for a 25% share with a minimum deposit of £2,313.

Shared ownership involves buying a share of a new property, usually with a mortgage, and paying rent on the remaining share that you haven’t bought. It’s available throughout the country from Housing Associations whose mission is to help people into their home who might otherwise find it difficult on the open market.

Shares are usually available from 25% but could be as low as 10% and up to 75% for your initial purchase, and you can buy more shares in the future as your circumstances allow, often all the way up to 100%, in a process known as ‘staircasing.’

One of the main benefits is that because you’re initially buying a share of the property, the mortgage on that share will be much smaller in value than for the entire home. Therefore the deposit amount you’ll need to qualify for that mortgage will also be significantly lower, making getting into a new home much more affordable.

The combined mortgage and rent amount is often significantly less than renting a similar property privately on the open market. And unlike renting privately, you will have security of tenure and that degree of certainty so many often don’t have via rental landlords.

Shared ownership homes are aimed at a variety of people who can’t afford to buy a home on the open market. These are usually first-time buyers, singles, couples and families or someone who is coming out of a relationship and whose financial circumstances have changed.

Not surprisingly the properties on offer vary from apartments to larger houses depending on where they are and the requirement for shared ownership locally.

Where demand is high potential buyers with local connections, or a greater need (having children, for example) may be given priority. It’s worth checking out, though, as it could be the smarter, truly affordable way to get on to the property ladder.

To find out about the development visit the website. For more information on shared ownership visit the Shared Ownership website and see if this could be the route for you.