Legal And General Affordable Homes Archives

April 16, 2025April 16, 2025

East River Wharf offers buyers £5,000 incentive on apartments

Legal And General Affordable Homes prepares for open-day to showcase shared ownership properties

East River Wharf is part of the Riverscape development at Royal Docks - image by Legal And General Affordable Homes — East River Wharf is part of the Riverscape development at Royal Docks – image by Legal And General Affordable Homes

Subscribe to our free Wharf Whispers newsletter here

what’s the news?

Legal And General Affordable Homes is set to host an open day for its shared ownership properties at East River Wharf.

when’s it happening?

The housing provider has scheduled the event for May 10, 2025, in the Sky Lounge at the development, which is part of Riverscape, a scheme on the banks of the Thames in Royal Docks.

what’s new?

Legal And General is currently offering a £5,000 contribution towards buyers’ costs when purchasing a new home.

The idea is to lessen the burden of purchasing a property, be that stamp duty, moving costs or legal fees.

how does it work?

The £5,000 is deducted from the overall cost of the property on completion with the purchaser responsible for assigning the cash appropriately.

To be eligible, buyers must reserve their shared ownership home before midnight on June 30 this year.

East River Wharf homes all feature private balconies - image by Legal And General Affordable Homes — East River Wharf homes all feature private balconies – image by Legal And General Affordable Homes

more about East River Wharf

tell me about East River Wharf

Located close to Lyle Park, the scheme offers one, two and three-bedroom apartments within easy walking distance of Silvertown and Pontoon Dock DLR stations.

They also benefit from Royal Wharf Pier, which is served by the Uber Boat By Thames Clippers river bus service.

what are the properties like?

The shared ownership apartments feature open-plan living spaces, fully fitted kitchens with integrated Siemens appliances, private balconies and an NHBC 10-year build warranty.

and the residents’ facilities?

Those moving into East River Wharf will get access to a residents’ gym, pool and spa as well as Riverscape’s Sky Lounge.

There’s also a 24-hour concierge service and estate security.

what’s the area like?

East River Wharf’s blocks are located close to Lyle Park on the western edge of the Royal Wharf area.

Locally, many businesses are now established including a riverside pub, cafés, restaurants, a convenience store and a nail salon.

The scheme is also close to publicly accessible tennis courts and Thames Barrier Park, which boasts extensive landscaping and open space along the river.

Apartments come with integrated appliances - image by Legal And General Affordable Homes — Apartments come with integrated appliances – image by Legal And General Affordable Homes

a regenerated areas

and the location?

Royal Wharf is undergoing vast swathes of regeneration and boasts strong transport links to other areas of London.

Canary Wharf is around 15 minutes away, with direct links to the likes of London City Airport, Woolwich and Bank also available.

why shared ownership?

The scheme allows buyers to access housing with a much lower deposit than when purchasing a home on the open market.

This typically results in monthly outgoings that are cheaper than renting a home in the same area.

Housing providers sell a share of a home – often 25% – with buyers taking out a mortgage on just that portion of the property.

That means they may pay as little as 5% of that value as a deposit.

They then pay a capped below-market rent on the rest plus the full service charge and can live in the property essentially as though they own it.

getting more

Owners can choose to increase their share in a property via a process called staircasing right up to 100%. As their level of ownership rises, the rent they pay falls.

how much is East River Wharf?

Prices at the development start at £96,875 for a 25% share of a one-bed based on a full market value of £387,500.

Two-beds and Three-beds are also available.

The view from the Sky Lounge - image by Legal And General Affordable Homes — The view from the Sky Lounge – image by Legal And General Affordable Homes

key details: East River Wharf

Legal And General Affordable Homes Open Day at East River Wharf is set to take place on May 10, 2025, from 10am-4pm in the Sky Lounge, offering tours of available apartments.

Those wishing to attend should register via the company’s website.

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

January 11, 2025January 11, 2025

East River Wharf apartments on sale with 5% deposit boost

Legal And General Affordable Homes is offering the incentive to buyers who reserve before midnight on March 20 at the Royal Docks scheme

East River Wharf forms part of the Riverscape development in Royal Docks

Subscribe to our free Wharf Whispers newsletter here

For those house hunting in 2025, a development in Royal Docks is offering a potent incentive to swap renting for a foot on the ladder.

Prospective buyers reserving a shared ownership home at East River Wharf before midnight on March 20, 2025, can get a boost to their deposit of up to £8,000.

The 5% contribution comes in the form of a one-off deduction when the purchaser completes on the deal and is only available on deals to buy 25% of a property at the scheme.

For example, a quarter of an apartment with a full market value of £500,000 would be £125,000, making the available boost to the buyer £6,250 – potentially equivalent to the deposit necessary to secure a 95% mortgage on that property.

Legal And General Affordable Homes, which is marketing the properties at East River Wharf, is set to host an open day on January 18, 2025, for those interested in accessing the incentive.

Prices for a one-bedroom home at East River Wharf start at £96,875 for a 25% share and come with a wide range of facilities and benefits.

The properties form part of Riverscape – essentially an extension of Ballymore and Oxley’s extensive Royal Wharf development on the banks of the Thames at Silvertown – meaning East River Wharf residents are able to access those schemes’ amenities.

These include a health club, the Sky Lounge with views over the Thames to Greenwich Peninsula and Canary Wharf, a concierge service, 24-hour security and a high street with shops, cafés and restaurants.

Shared ownership buyers also get a three-year ZipCar membership with £50 of driving credit when they move in.

Each apartment at East River Wharf has private outdoor space

a wealth of amenities

A spokesperson for Legal And General Affordable Homes said: “The amenities at East River Wharf are best in class, with a state-of-the-art residents’ gym, pool and spa.

“Plus, concierge services and 24-hour security ensure our residents always feel at home.

“There is also a primary school located on the development, which is perfect for growing families.

“Whatever your stage in life, East River Wharf is a modern and secure place to call home with shared ownership.”

The apartments themselves are located on the edge of Lyle Park, which recently celebrated its centenary with a spruce up and the installation of a commemorative mosaic.

They feature open-plan design, fully fitted kitchens with integrated Siemens appliances, tiled bathrooms, free standing Beko washer-dryers and private balconies.

The entry-level one-bed extends to some 538sq ft with a full market value of £387,500.

At the other end of the scale, a three-bed worth £650,000 stretches to 934sq ft on the tenth floor, with a 25% share costing £162,500.

Homes at East River Wharf start at £96,875 for a 25% share

connected up: East River Wharf

Transport connections nearby are excellent with the DLR offering rapid links to Canary Wharf, London City Airport and beyond.

Shared ownership allows buyers to get on the ladder with a smaller deposit than if they were buying a home outright by allowing them to purchase typically 25% of a home.

For the entry level property at East River Wharf, for instance, a deposit of £4,844 could be enough to secure a 95% mortgage on the £96,875 price.

Buyers then pay rent on the unowned portion of the property, the mortgage on their portion of it and the service charge.

This usually works out cheaper than renting a comparable home in the same area.

Those who own a share can also choose to increase their stake in a property over time – a process known as staircasing – until they own the whole thing, or can sell their portion should they wish to move.

The view from the Sky Lounge at Riverscape

key details: East River Wharf

The open day at East River Wharf is set to take place on January 18, 2025, from 10am to 4pm at the development’s Sky Lounge.

Those seeking to attend should register their details here

Find out more about the development here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

June 5, 2024June 5, 2024

East River Wharf shared ownership may cost less than renting

Legal And General Affordable Homes’ scheme offers compelling alternative with deposits starting at £4,844 for a one-bedroom property

Image shows a collection of residential tower blocks that make up the Riverscape development next to the Thames in Royal Docks. East River Wharf's buildings are orange and at the centre — East River Wharf’s buildings are located at the centre of Riverscape close to Lyle Park

Subscribe to our free Wharf Whispers newsletter here

Rising rents are arguably one of the biggest pressures in the housing market right now.

According to a recent study by estate agency Stirling Ackroyd, tenants are currently paying an average of £1,966 a month for a one-bedroom property near Canary Wharf.

While wider inflation has fallen back to 2.3% and average two-year fixed mortgages have dropped back to less than 5% in May, with cheaper borrowing expected later in the year, rents are forecast to climb ever higher.

One study from Savills predicts more than 6% growth over 2024.

Increasingly, affordable housing providers are highlighting shared ownership properties as a less expensive alternative to renting.

Image shows living area with a wooden floor at East River Wharf — A show home interior at East River Wharf

case study: East River Wharf

Take Legal And General Affordable Homes’ East River Wharf scheme, for example.

Its properties form part of Riverscape – essentially an extension of Ballymore and Oxley’s Royal Wharf development on the banks of the Thames at Silvertown.

Located roughly 15 minutes from Canary Wharf itself via the DLR and Jubilee line, these one, two and three-bedroom homes are set in a wealth of green space close to Lyle Park in a freshly regenerated part of Docklands.

Neighbouring Royal Wharf boasts a wealth of amenities including a pub, restaurants, shops and health services.

Residents will enjoy access to a health club with a gym, pool, spa and fitness studio as well as a 16th floor sky lounge with views over the Thames to Greenwich and Canary Wharf.

The apartments at East River Wharf include private balconies, open-plan design and fully fitted kitchens with integrated Siemens appliances.

But, alongside the quality of the finish and the facilities, the key attraction lies in escaping the grind and uncertainty of the rental market.

A deposit of £4,844 could be enough to secure a one-bedroom home at the scheme – 5% of a 25% share worth £96,875.

Monthly costs are expected to be about £1,465.

By purchasing a portion of the property, a buyer can essentially secure a £387,500 apartment with no threat of eviction.

They also enjoy all the freedoms to enjoy living in the space they might expect if it was owned outright.

In contrast to renting, purchasers of shared ownership homes are not subject to landlord inspections or controls on how they decorate their space, for example.

Image shows a show home kitchen at the development — Properties come with fully fitted kitchens

capital appreciation

They also own an asset that, in the case of East River Wharf, is highly likely to appreciate.

The area has already undergone extensive regeneration, but there’s much more in the pipeline for Royal Docks.

Major infrastructure and housing investments are in the pipeline over the coming years with homes, businesses and facilities set to be built locally.

Already an attractive area to live in, these developments are likely to bring fresh demand as buyers look east for high quality homes to purchase in the future.

Royal Wharf is already well served by the DLR and bus routes as well as a dedicated pier for Uber Boat By Thames Clippers services, which run all the way to Putney along the river.

Image shows the Greenwich Peninsula and Canary Wharf skylines at sunset as seen from Riverscape's residents' lounge — The view from the communal residents’ lounge at Riverscape

secure a property

A spokesperson for Legal And General Affordable Homes said: “The amenities at East River Wharf are best in class, with a state-of-the-art residents’ gym, pool and spa.

“Plus, concierge services and 24-hour security ensure our residents always feel at home.

“There is also a primary school located on the development, which is perfect for growing families.

“Whatever your stage in life, East River Wharf is a modern and secure place to call home with shared ownership.”

Under the shared ownership scheme, buyers purchase part of a property.

They pay a deposit and arrange a mortgage to cover the cost.

They then pay a reduced rent on the rest of the property and the appropriate service charge.

Purchasers need not be first-time buyers but cannot own another property.

Owners can choose to increase the portion of the apartment that’s theirs until they own the whole property, in a process commonly known as “staircasing”.

Equally, buyers are free to sell their share either through the affordable housing provider or independently, if they decide to move home.

Image shows a show home bedroom at East River Wharf — Properties at East River Wharf start at £96,875 for a 25% share

key details: East River Wharf

East River Wharf is located at the Riverscape development beside Royal Wharf.

The closest transport link is West Silvertown DLR station on nearby North Woolwich Road.

Prices for a one-bed start at £96,875 for a 25% share.

Call 020 587 2474 for more details.

Find out more about the scheme here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

November 16, 2023November 16, 2023

Royal Docks: How East River Wharf is offering an alternative for local tenants

Shared ownership properties from Legal And General Affordable Homes present a competitive proposition for residents renting in east London

The show home living space at East River Wharf

Subscribe to our free Wharf Whispers newsletter here

The rental market is on Jen Cobley’s mind.

Right now, for the head of sales at Legal And General Affordable Homes, it’s proving a fertile source of shared ownership buyers.

The company is currently delivering East River Wharf, part of Ballymore’s Riverscape scheme in Royal Docks and is finding its offering is attracting tenants under pressure from rising rents.

“We launched the development in July and the sales rate has been really good – there’s a fantastic appetite for the scheme,” said Jen.

“The key reason for that is because the area is very popular with renters.

“What we’re seeing is that landlords have pushed prices up and that’s prompted people to look at alternatives.

“At East River Wharf some people will be moving into one-beds, having moved out of rented studios at Royal Wharf, for substantially less of a monthly outlay.

“That also means, of course, that they have got a foot on the ladder.

“It’s been a really positive start in a turbulent market.

“Shared ownership has been less affected by this as higher interest rates don’t have as great an effect because the portion of the property under mortgage is typically much smaller.

Legal And General Affordable Homes head of sales Jen Cobley

“The other thing about shared ownership is that people can think long-term.

“While interest rates may be shocking right now, if you’ve bought a 25% share, you will be in a better position financially than someone with a mortgage on 90% of a property.

“This means when interest rates stabilise, it will then be easier for people to staircase and buy a larger share of the property, right up to 100%.

“It’s also the deposit levels. While buying outright might be on some people’s agendas, when you think about what 5% or 10% of the full value of a property actually looks like, it is out of reach for most people.

“Shared ownership requires a much lower initial outlay. At East River Wharf, you are looking at a deposit of just under £5,000.

“Our one-bedroom homes start at £387,500, meaning a 5% deposit on a 25% share at £96,875 would be £4,843.

“That feels do-able for people. The mortgage market is currently very stable and there are lots of lenders offering 95% mortgages right now.

“On that one-bedroom apartment, you’d be looking at monthly outgoings of just over £1,500.

“I’ve spoken to a considerable number of people renting studio flats in the surrounding area for £1,800-£1,850 per month.”

Legal And General has taken on four buildings at Riverscape, with apartments in two of them for sale on a shared ownership basis.

The others will be let to tenants on an affordable rent basis.

One, two and three-bedroom apartments are available to buy at the scheme, which is essentially an extension of the Royal Wharf development on the Thames between West Silvertown and Pontoon Dock DLR stations.

The neighbourhood has its own pier served by the Uber Boat By Thames Clippers river bus and is within walking distance of the Elizabeth Line.

It will benefit significantly from a planned new bridge across Royal Victoria Dock, part of the ongoing regeneration of Silvertown, which will make this journey even easier, putting it within about 20 minutes of Canary Wharf.

Legal And General is set to host an open day at East River Wharf, from 10am-4pm on December 2, 2023, for anyone interested in buying a shared ownership property or who would like to know more about the scheme.

Jen said: “At our event we have a fantastic sales office and apartment to show people. We’re in the very fortunate position to be taking control of a lot of the units we’re selling quite soon.

“We have one, two and three-bedroom apartments that people can see, unfurnished too and a team of sales consultants who would be delighted to meet with potential purchasers or anyone who just wants to know a little bit more about shared ownership.

“We’ll also have an independent financial advisor on hand, for anyone who would like to discuss accessing a mortgage.

“We really are ambassadors for the tenure rather than just our brand – we’re more than happy to have wider conversations about affordability and ways people can buy properties.

“Shared ownership is not just for first-time buyers.

“If you have a property that’s sold, subject to contract we can take an application from you.

“If you’ve previously owned a property and have left the market then we’re also an option for you.

“We see people coming to us in a wide variety of situations, whether they are looking to buy their first home, relocating after a divorce or dealing with a change in circumstances.

“It’s really open to all as long as you meet the eligibility criteria.”

Buyers at East River Wharf will get access to a wide range of facilities with the vast majority already up and running.

“In terms of the apartments at East River themselves, the quality is on a par with Ballymore. That’s a real key selling point for us.

“Everything has outdoor space – either a balcony or a terrace and they are, of course, in a fantastic location.

“Buyers also get access to all the Royal Wharf facilities.

“There’s a real sense of community with the clubhouse.

“Something I’m really excited about is the Sky Lounge, which will be on the 16th floor of one of Riverscape’s buildings.

“It’s due to open next year and will be a business lounge with far-reaching views across to Greenwich and Canary Wharf – a place to meet neighbours and collaborate with guests.

“There’s also a concierge service that oversees the seamless running of the estate too.”

Find out more about East River Wharf here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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