Shared ownership properties present buyers with a way to step onto the housing ladder for less with a station in the doorstep in south-east London
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Price is a major driver when buyers are deciding to make a property purchase and one that is central to the appeal of shared ownership properties.
The scheme, which allows owners to acquire a portion of a home while paying rent on the rest significantly lowers one of the key bars to getting on the first rung of the ladder.
That’s because buyers may only need to raise a deposit of 5% of a quarter of the property’s total value.
In the case of an apartment worth £400,000, a typical deposit might be £20,000 for private sale as opposed to £5,000 for shared ownership.
But value is also about what you’re buying as well as getting a good deal on entering the market.
Housing association NHG Homes is currently marketing shared ownership homes at its Kidbrooke Square development in south-east London.
connected to the capital
Located next to Kidbrooke station in Zone 3, the scheme is well connected with direct services to the likes of Lewisham, Cannon Street, Victoria and Charing Cross.
For Wharfers, the area is easily accessible via DLR and rail links in around 30 minutes.
However, prices at the development are significantly below what buyers may expect given the development’s position in the capital.
Property portal Rightmove says the average price of an apartment in Zone 3 currently stands at £631,064 based on sold prices over the last 12 months.
The entry level one-bed and two-bed homes at Kidbrooke Square are priced at £355,000 and £457,500 respectively.
NHG says buyers could expect subsidised monthly rents starting at £1,071 and £1,547 for these assuming a 25% share is owned.
This decreases if buyers increase their share through a process known as staircasing.
Mortgage payments and service charges would be on top of this, however, paying for a shared ownership property is typically less expensive than renting a similar home locally.
Newly built, the apartments come with open-plan design, wood-effect flooring, grey fitted kitchens with Zanussi appliances and private balconies with outdoor lighting.
The development is pet-friendly, with residents’ facilities including a concierge service and a gym.
The scheme is set around a central square with shops and regular markets.
It’s also close to significant regeneration just across the railway tracks as well as the open spaces of Cator Park and Sutcliffe Park.
To be eligible to purchase a shared ownership property in London, buyers must have a household income of less than £90,000 and cannot afford all of the deposit and mortgage payments when purchasing a home that meets their needs.
Other criteria apply, although it’s worth noting that those purchasing do not necessarily have to be first-time buyers.
key details: Kidbrooke Square
Shared ownership apartments at Kidbrooke Square start at £88,750 for a 25% share of a one-bed. Two-beds start at £114,375.
Find out more about the properties here
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