Shared ownership properties are close to transport hub providing easy access to multiple attractions
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With rents in the capital continuing to soar, shared ownership schemes are having a bit of a moment.
Typically purchasing a percentage of a property while paying rent on the remainder, even when a service charge is included, is generally cheaper than renting a comparable property nearby.
The advantages for prospective buyers are many.
Chief among these perhaps are the relative security in comparison to the precarious situation of being a tenant, autonomy over the space and its decoration and crucially the ability to access the sales market with a considerably lower deposit than would be necessary to buy outright.
Canning Town is also having a moment.
The area near the station has been undergoing extensive regeneration for years with plenty of new amenities arriving and much more still to come.
Highly connected, it’s a mere two stops on the Jubilee line from Canary Wharf and enjoys direct connections to London City Airport, Excel, Woolwich, Stratford and the City.
SO Resi is about to bring these two things together.
The shared ownership brand of Metropolitan Thames Valley Housing – the fifth largest housing association in the UK – is set to unveil a collection of 37 apartments in May.
SO Resi Canning Town’s one, two and three-bedroom homes are located at Manor Road Quarter, the latest development by the English Cities Fund – which was also responsible for the scheme at nearby Rathbone Market.
The immediate area boasts a multitude of attractions, including craft beer at Husk, modern Italian food at Pepenero, a bouldering facility at Rise Climbing and outdoorsy activities at Bow Ecology Park and environmental community project Cody Dock.
Residents will be within walking distance of City Hall at Royal Docks, the home of the English National Ballet at London City Island and the art and heritage of Trinity Buoy Wharf.
It’s a compelling offering, even before you factor in the bustle of Stratford, the Queen Elizabeth Olympic Park, Westfield Stratford City, Canary Wharf, The O2 and Greenwich Peninsula – all within two Tube stops or less.
Canning Town station is also a major bus interchange, meaning residents can easily access areas such as Bethnal Green, Aldgate, Walthamstow and even Romford.
This is all evidence that, with a great deal more development in the pipeline, prices in E16 are likely to rise as demand for well-connected, regenerated parts of the capital increases.
SO Resi sales and marketing director, Kevin Sims, said: “It is no secret that London has become a place where a range of buyers are being priced out – especially first-time buyers.
“As such, the new SO Resi Canning Town scheme could be the perfect option for 2024.
“The scheme will allow purchasers to buy a percentage share that they will pay a mortgage on, with the remainder being paid on below-market rent and then service charges too.
“A lot of people are looking to avoid the rental trap who would never be able to afford to buy on the open market – with rents rising the fastest in London.
“One of the biggest benefits of shared ownership at SO Resi Canning Town is that deposits are often considerably lower than buying on the open market.
“This is because you put a deposit down on the share that you’re buying – 25%, for example – rather than the value of the whole property.
“As an example, at our recent SO Resi Hendon Waterside development, a 5% deposit on a 25% share of a one-bedroom apartment could be as low as £4,129.
“If London is a place you aim to stay in for the long term too, staircasing is a brilliant way to continue along the journey to full home ownership.
“It’s possible to buy shares at any time – but we offer the SO Resi Plus scheme, which was pioneered by us, and has now been rolled out nationally.
“The scheme allows buyers to staircase at a gradual pace by purchasing an additional 1% share each year, which can be done at the touch of a button with no solicitors needed, making the ultimate goal of home ownership that little bit more achievable.
“Knowing this benefit is available to you throughout your journey should give you peace of mind – a purchase as little as 1% can make a world of difference in the long term.”
Shared ownership buyers purchase between 10% and 75% of a home and pay a capped rent on the remainder.
Typically schemes offer 25% or more, however.
SO Resi Canning Town’s apartments are set to go on sale next month with a show home expected to open in June, 2024.
key details
SO Resi Canning Town is a collection of 37 apartments ranging in size from one-beds to three-beds.
The properties are set to come on the market in May, 2024, with prices yet to be announced.
Find out more about SO Resi Canning Town here
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- Jon Massey is co-founder and editorial director of Wharf Life and writes about a wide range of subjects in Canary Wharf, Docklands and east London - contact via jon.massey@wharf-life.com
