Despite official house price forecasters suggesting that property prices will decline over the next year, this is not making first time buyers any more confident that they will be able to buy a home. In fact, research commissioned by property firm Ocea Group shows that almost 2 in 3 (61%) non-homeowners in the West Midlands are worried that Brexit will make it even harder to purchase a home. With uncertainty over Brexit being delivered or even happening at all, on top of a housing market that is still out of reach for most, Brexit is making people even more fearful of the state of the housing market.
“Home ownership is a very British thing and a foundation of the stability of our housing market. Brexit looks like it could be the brute that kicks the housing ladder out from right under the feet of first time buyers completely. These results clearly highlight how the majority of non-homeowners in the West Midlands are worried Brexit uncertainty will make it even harder for them to get onto the housing ladder. Ocea is looking to address the concerns of first time buyers with our focus on converting office space into affordable and desirable homes,” said Justine Curtis, Director and Co-Founder of Ocea Group.
The research also found that almost a third of people in the West Midlands (30%) put the blame for houses being so expensive down to the government for not building enough houses, ahead of blaming wealthy overseas buyers (21%), with only 4% of respondents thinking that houses are not expensive.
“At Ocea we want to be part of the solution and aim to bring more affordable housing to the market by using the government’s Prior Approval Permitted Development scheme, which allows us to convert commercial property into highly desirable residential property. We are committed to helping address the housing shortage in the UK and assisting first time buyers in realising their dream of getting onto the property ladder, regardless of how Brexit pans out,” added Glenn Delve, Managing Director and Co-Founder of Ocea Group.
Ocea was founded in 2015 by serial entrepreneurs Glenn Delve and Justine Curtis, Ocea is a specialist property development company aiming to address the UK’s housing shortage by focusing on permitted development, converting commercial property into high quality, desirable and affordable residences.
Investors can participate in Ocea’s property projects to gain exposure to UK property based in the south of England. Since inception Ocea has purchased or developed 19 projects, with a Gross Development Value in excess of £100m and has provided significant returns to investors in each project.
In partnership with UK Crowdfunds Ltd, Ocea is currently offering investors a property backed and tax efficient Innovative Finance ISA qualifying 5-year mini-bond targeting a yield of 6.85%. Investors should note that capital is at risk and investment returns are not guaranteed. Investments are not covered by the Financial Services Compensation Scheme, and investors should note that tax status is subject to individual status and future legislative changes. For more information on Ocea’s mini-bond and the risks of investing, please visit: https://www.crowdfunds.net/oceabonds.