Affordable housing provider is offering shared ownership properties at Manor Road Quarter
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“Renting in London is a daunting situation for first-time buyers, many of whom feel they have no choice but to accept sub-par conditions for an extortionately high price,” said Kevin Sims, director of affordable housing provider SO Resi.
His statement is backed up by data.
Property portal Zoopla’s latest report on the rental market found that around 21 people were competing for each new listing appearing on its site nationwide, let alone in London.
The organisation’s most recent rental report also found the average monthly rent in the capital was £2,172 – almost 70% higher than the UK average.
While the forthcoming Renters Rights Bill may go some way to addressing issues in the sector for tenants, the changes are not expected for many months, which will be of scant comfort to those renting now.
“There is a solution, however, and that is shared ownership,” said Kevin.
“The scheme offers a low-deposit route onto the property ladder and many buyers of such homes find their monthly repayments are lower than renting in the capital.
“With shared ownership, Londoners finally have the chance to build up equity in their property and find the peace of mind that comes with home ownership.”
new homes at SO Resi Canning Town
Locally, SO Resi Canning Town is currently offering one, two and three-bedroom shared ownership homes located at Manor Road Quarter – a latest development by the English Cities Fund.
The scheme is located a few minutes from Tube, DLR and bus links at Canning Town station and enjoys the many benefits of the area’s extensive regeneration.
For example, there’s craft beer at Husk’s taproom, modern Italian food at Pepenero, a bouldering facility at Rise Climbing and outdoorsy activities at Bow Ecology Park and environmental community project, Cody Dock.
But what will buyers actually be getting at the scheme? SO Resi – part of Metropolitan Thames Valley Housing, the fifth largest housing association in the UK – is set to launch a show home at the development on September 26, 2024, so interested parties can get a feel of what’s on offer.
Apartments come complete with fitted kitchens and bathrooms, fully integrated Zanussi kitchen appliances, and solid timber floors.
They feature open-plan layouts – with total living space ranging from 556sq ft to 971sq ft – and each has a private balcony as well as plenty of storage.
getting on the ladder
Buying a share in a property is affordable and may be attractive for multiple reasons.
Firstly, the amount of deposit a buyer requires is lower.
The scheme allows people to purchase between 10% and 75% of a home (although usually starting at 25%), while paying below market rent on the rest, alongside a service charge.
That means buyers could purchase their share with a mortgage and potentially only need 5% of its value as a deposit – £4,906 at SO Resi Canning Town, for example.
Buyers are free to live in their homes as though they owned the whole thing with no threat of eviction.
If desired, they can also choose to increase their share in a process known as staircasing until they own the property outright.
key details: SO Resi Canning Town
Prices at SO Resi Canning Town start at £98,125 for a 25% share of a one-bedroom apartment (based on a full market value of £392,500).
A new show home is set to launch at the development on September 26, 2024.
Find out more about the development 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
