Shared Ownership Archives

September 22, 2024September 22, 2024

SO Resi Canning Town set to launch east London show home

Affordable housing provider is offering shared ownership properties at Manor Road Quarter

Image shows a bedroom at SO Resi Canning Town — A bedroom at SO Resi Canning Town

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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.”

Image shows an artist's impression of SO Resi Canning Town with Canary Wharf in the background — SO Resi Canning Town is located at Manor Road Quarter

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.

Image shows a living room at the scheme with a balcony in the background — The apartments feature open-plan layouts and balconies

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

August 26, 2024August 26, 2024

Royal Albert Wharf shared ownership, a first-time buyer case study

How history teacher Farhana Mallick put down roots in east London at NHG Homes’ development

Image shows first-time buyer Farhana Mallick, pictured in a white kitchen at her home. She is wearing a grey top and black trousers and has long black hair — Fahana Mallick, pictured in her apartment at NHG Homes’ Royal Albert Wharf

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“I would still be renting or living with my parents if it wasn’t for shared ownership – it gives you a lifeline, especially in your 20s or 30s,” said Farhana Mallick.

The history teacher turned to affordable housing provider NHG Homes when she began looking to put down roots in her home city.

Having been raised in east London, she’d spent her early 20s living in this part of the city and so initially looked at properties in Tower Hamlets and Ilford.

However, it was Royal Docks that ultimately turned her head, opting to purchase a quarter of a three-bedroom apartment in 2021.

“I decided I was done losing my money on rent,” said Farhana, who now teaches at a school in Barking And Dagenham.

“I wanted to invest in a property, and have a home I could make my own.

“Shared ownership really appealed to me because it meant I required a much smaller deposit than if I was buying privately.”

Image shows a show home living area including a balcony with a view of the Thames — More shared ownership homes are set to become available at Royal Albert Wharf

a deposit, a mortgage and rent

Farhana, then aged 25, used a £13,250 deposit to buy her share of a property at NHG Homes’s Royal Albert Wharf scheme, taking out a mortgage to cover the remainder of the £132,500 cost.

The apartment, which was then valued at £530,000, costs her £1,391 per month which breaks down as £606 on the loan, £497 in rent and £288 in service charge.

“As a first-time buyer, NHG Homes really helped me to understand the process, and what the steps were,” said Farhana.

“I think many people aren’t aware of what shared ownership is or its benefits, but NHG Homes was so transparent and happy to answer all of my questions – the whole purchase was smooth and enjoyable, with wraparound care from the team.

“As a young person, living in this city, this home gives me great flexibility to either increase my share or sell it based on the market – I could definitely see myself raising a family here.

“With shared ownership making my home more affordable, I’ve now got a spare bedroom and a great community on my doorstep.

“If I was to move homes, I think my next purchase would also be with shared ownership – I can’t recommend it enough.”

Image shows Royal Albert Wharf at sunrise with the Royal Albert Docks impounding station in view. The buildings are brick-clad and around six storeys high — The development is located at the end of Royal Albert Dock and is on the banks of the Thames

selecting Royal Albert Wharf

NHG Homes and other affordable housing providers offer multiple locations where buyers can purchase shared ownership homes, so what made Royal Albert Wharf stand out?

“I’ve stuck to my roots as I grew up in east London and the Royal Albert Wharf community has got a really modern and stylish twist to it,” said Farhana, who has now lived in the area for more than two years.

“I do travel into central London, but often I feel like I don’t really need to, because I’ve got so many things on my doorstep.

“If I am going into town, then I’ll take the DLR as it has so many connections.

“I shop locally a lot, including at Gallions Reach Shopping Park and also Beckton Triangle Retail Park, both of which are very close.”

The development is well connected, with Gallions Reach DLR station less than 10 minutes’ walk offering connections across east London including to the Elizabeth Line at Custom House.

From there, Canary Wharf is three minutes’ away, while Liverpool Street is nine minutes.

Royal Docks itself, which is currently undergoing billions of pounds of regeneration, offers multiple amenities including watersports, events at Excel, restaurants, bars and a new strip of attractions at Immerse LDN – find out more here about The Friends Experience: The One In London, which recently opened there.

More locally, Royal Albert Wharf is home to exhibition space Art In The Docks, Cyrus Todiwala’s Cafe Spice Namaste and The Well Bean Co.

Image shows Royal Albert Dock at night with lights reflected in the waters of the dock — Royal Albert Dock is an established community

fitting into a community

Farhana said: “Residents have created a great community here and that’s really rare to find, especially as a young person.

“We have our own group, which is great as you can get to know other people living here.

“When I have friends or family visit, there is so much to do on the doorstep – from brunch to Yoga classes and a regular food market on Fridays as well as events happening in Royal Docks.

“There’s a children’s playground being built at the moment as well, and there’s a gym planned – I feel like it’s constantly evolving.

“I’m trying to get into my fitness these days and living here has helped that because it makes me want to get outside.

“It’s so rare to see open water like this in the city. It’s a lovely area to be in.”

As a location to buy, Royal Docks makes a solid case. With much regeneration taking place locally and further transport links proposed, demand for homes is only likely to grow.

Image shows Farhana sitting in a wood-lined cafe enjoying a cup of coffee from The Well Bean Co — Farhana enjoys a coffee at The Well Bean Co, her local cafe

key details: Royal Albert Wharf

NHG Homes is set to launch a fresh collection of shared ownership properties at Royal Albert Wharf in September.

A new show home is set to launch at the scheme on August 31, 2024.

Apartments are also available for private sale at the east London development with prices for one, two and three-bedroom homes starting at £375,000, £494,995 and £660,000 respectively.

Call 020 3733 3571 to register your interest or find out more here

Read Wharf Life’s e-edition 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

August 13, 2024August 13, 2024

SO Resi Canning Town offers affordable homes in east London

Provider’s director Kevin Sims talks regeneration and getting on the ladder in a vibrant area

Image shows an artist's impression of SO Resi Canning Town, a tall blue residential block — SO Resi Canning Town is located in east London close to London City Island

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“With Newham Council and the GLA’s £3.7billion regeneration project for Canning Town and the Royal Docks, the area is quickly becoming a sought-after area of London,” said Kevin Sims, director at SO Resi.

“The unpredictability of the housing market coupled with high pricing has been putting aspiring homeowners at a major disadvantage compared to previous generations of home buyers.

“At SO Resi, we aim to level the playing field by offering more opportunities for shared ownership solutions.”

In a bid to alleviate buyers’ affordability troubles in such a vibrant area, SO Resi – the shared ownership brand of Metropolitan Thames Valley Housing, the fifth largest housing association in the UK – is currently selling a collection of 37 apartments.

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 regeneration of 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.

The development itself will add a newly created park as well as space for shops alongside the homes that are bring created.

The shared ownership properties themselves feature open-plan living areas, fully fitted kitchens with Zanussi appliances and solid timber floors.

All enjoy private balconies and feature built-in storage solutions, with living spaces ranging from 557sq ft to 971sq ft.

Image shows a bedroom in a show home at SO Resi Canning Town — One, two and three-bedroom homes are available at the development

a compelling location

“These properties at our Canning Town development are the perfect example of our aim,” said Kevin.

“Proposed plans from the council mean the town centre is set to be home to a new community hub, cinema, shops and office spaces as well as brand new shared ownership homes, underscoring the increased popularity of this form of buying as an option for prospective homeowners.

“By choosing from our 37 shared ownership properties available at our SO Resi Canning Town development, prospective homeowners are set to gain a foothold in London’s property market alongside becoming a part of a vibrant and emerging community.”

Residents at the scheme 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.

Under shared ownership residents purchase between 25% and 75% of a home with a deposit of as little as 5%.

They then pay rent on the remainder and can choose to purchase more of the property – as little as 1% per year if desired.

Image shows an open-plan living area in a show home at SO Resi Canning Town — The apartments at SO Resi Canning Town feature open-plan living areas

key details: SO Resi Canning Town

SO Resi Canning Town is a collection of 37 apartments ranging in size from one-beds to three-beds.

Prices at SO Resi Canning Town start at £96,875 for a 25% share of a one-bedroom apartment, based on a full market value of £387,500.

Find out more about the scheme here

Read Wharf Life’s e-edition 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

July 31, 2024July 31, 2024

Gadwell Quarter offers shared ownership homes in a vibrant area

NHG Homes is currently marketing apartments as part of Woodberry Down’s 64 acres of regeneration

Image shows a computer generated artist's impression of Gadwell Quarter in Woodberry Down — An artist’s impression of Gadwell Quarter in Woodberry Down

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The arrival of the Elizabeth Line in Canary Wharf has changed the game for those seeking to buy a home.

Its rapid connections to other parts of London – directly and indirectly – make living in other parts of the capital significantly easier by cutting commutes to areas that offer something different to the neighbourhoods of east London.

Take Woodberry Down, for example.

NHG Homes is currently marketing shared ownership properties at Gadwell Quarter – part of Berkeley Group’s 5,500-home regeneration of 64 acres of land in north-east London.

Located next to Manor House Tube station on the corner of Finsbury Park, it’s now about half an hour from the Wharf via the Piccadilly Line, national rail services to Moorgate and a swift six minutes on the Liz Line via its convenient subway link to Liverpool Street.

The immense scheme sits opposite two reservoirs fed by the human-made New River and includes some 15 acres of parkland.

It boasts an established community with a pub, gym, supermarket and post office on site too.

But the north-east London location offers more.

Image is of a show home bedroom at NHG Homes' development in Woodberry Down — NHG Homes has just launched a new show home at the Woodberry Down development

an established neighbourhood

There’s the vibrancy of Green Lanes down the hill with its Turkish bakeries, food shops and restaurants.

Then there’s Finsbury Park itself, which has a boating lake, running track, baseball ground, tennis courts, American Football pitch and some of the friendliest squirrels in London.

To the south, residents will find the Castle Climbing Centre – a vast facility housed in a former Victorian pumping station – on their way to Clissold Park and the independent shops, bars and restaurants of Stoke Newington.

While Woodberry Down itself is a major slice of regenerated land, the communities and areas around it have been evolving for generations with all the granular intrigue and quality this lends to a place.

So what can you get for your money when buying into this Zone 2 location?

Image is of a show home bedroom at NHG Homes' Gadwell Quarter — One and two-bedroom homes are available

Gadwell Quarter, a place to buy…

NHG Homes recently launched a new show home as a focal point for its offering of one, two and three-bedroom apartments at Gadwell Quarter – a four-minute walk from the Tube station.

Properties feature open-plan layouts, full height glazing, private outdoor space, walk-in showers, fully fitted kitchens, laminate flooring and carpets in the bedrooms.

Prices for a one-bed start at £120,000 for a 25% share, while two-beds start at £158,750 for the same percentage.

“We’ve seen huge demand for homes at Woodberry Down over the years as the dynamic community continues to grow in this up-and-coming area of north-east London,” Diana Alam, director of sales and marketing at NHG Homes.

“With many Londoners struggling to get on the property ladder, we’re pleased that buyers will have the opportunity to choose London – and specifically Woodberry Down – as their home with shared ownership.

“High quality homes at Gadwall Quarter offer the perfect blend of tranquil nature and contemporary urban living.”

Wharfers considering a move away from Docklands won’t need to worry about access to watersports either.

The nearby reservoirs offer sailing, kayaking and canoeing or just the chance to explore Woodberry Wetlands, a haven for urban flora and fauna created in partnership with the London Wildlife Trust.

Image is of a show home balcony at NHG Homes' Gadwell Quarter — Properties at Gadwell Quarter come with balconies

key details: Gadwell Quarter

Starting prices for one and two-bedroom homes are based on full market values of £480,000 and £635,000.

Under shared ownership, buyers purchase a minimum of 25% of the property and pay rent on the remainder as well as a service charge.

Typically this is cheaper than renting a home on the open market.

Deposits are also lower than with private sale as the buyer may be able to secure a mortgage with as little as 5% of the quarter they are buying – that would be £6,000 for the entry level one-bed at Gadwell Quarter.

Find out more about the apartments 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

July 3, 2024July 3, 2024

NHG Homes offers buyers in London a way to buy property for less

Housing association has a wide range of shared ownership homes available in the capital

Image shows brick-clad residential blocks generated by a computer surrounding a two-storey red building at Kidbrooke Square — An artist’s impression of NHG Homes’ Kidbrooke Square development

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Deposits are typically the biggest hurdle for young people seeking to purchase a home in London.

The average house price in the capital (according to the latest figures from the Land Registry) currently stands at just over £500,000.

That means buyers on the open market would need at least £25,000 to purchase with a 5% mortgage and more likely £50,000 for a more affordable 90% loan-to-value deal.

While cheaper properties are, of course, available, the need to raise such sums remains a significant obstacle to getting on the ladder.

priced out – an NHG Homes survey

A recent survey of prospective first-time buyers by Opinium and affordable housing provder NHG Homes (part of housing association Notting Hill Genesis) found 81% of those aged 18-24 did not have access to a deposit of more than £40,000 – the 10% necessary to access many homes in the capital.

The study showed the average deposit buyers they had managed to put together was £22,963.

A computer generated image of open landscaped space at NHG Homes' Kidbrooke Square scheme — Kidbrooke Square will feature plenty of open space

income sources

It also revealed that, in a nation hit by a cost of living crisis, nearly half of 18-to-24-year-olds were looking at taking on second jobs to raise extra cash to put towards a home.

The survey also found 43% would be willing to hold off on having children to help them get on the ladder earlier in contrast to less than a quarter of those aged 25 or older.

The same did not apply with pets however, with a third of older buyers willing to go without an animal companion to save money as opposed to just under a fifth of adults aged 24 or younger.

family assistance

Opinium and NHG Homes’ study also showed that using cash from family was still a major source of funding for house purchases.

Around a quarter of those aged 35-44 said they were relying on money from parents to help them get a foot on the ladder, while 23% of people in relationships were looking to do the same to finance their first home.

Other relations were also listed as an important source of funds, with nearly a fifth of respondents aged 18-34 saying they were expecting to use contributions from family members who weren’t their parents.

Image shows a grey fitted kitchen in a property at Kidbrooke Square — Deposits on shared ownership homes can start from as little as four figures

an alternative from NHG Homes

Nearly half of respondents said they would consider shared ownership, if it meant they could purchase a property in the capital.

The scheme offers buyers the option to purchase a portion of a home while paying rent on the remainder.

It often works out cheaper than renting – especially given recent increases across London – and deposits start at 5% of typically a quarter of an apartment.

That means buyers with as little as £5,000 saved can potentially buy into a home worth more than £370,000 and live there as though they owned the whole thing.

NHG Homes sales and marketing director, Diana Alam, said: “Getting on the property ladder in London is a real challenge for first-time buyers, and it’s not surprising to us that many are having to look beyond their main source of income to save the amount needed for a deposit.

“Whether it be getting a second job or asking family members for a helping hand, this research has shown that buying through the open market in the capital requires more than simply setting money aside every month – particularly for younger buyers.

“The proportion of first-time buyers who would consider using shared ownership to purchase in London shows just how important it is to offer more affordable routes to home ownership.

“We’re proud at NHG Homes to offer properties across the capital that require deposits as low as four figures, meaning first time-buyers don’t have to choose between staying in London and getting on the property ladder.”

Image shows a bedroom at NHG Homes' Kidbrooke Square scheme in Greenwich — NHG Homes offers a wide range of shared ownership properties including this one at Kidbrooke Square

key details

NHG Homes offers a wide range of shared ownership options across London.

For example, one, two and three-bedroom homes are available to buy at Kidbrooke Square via shared ownership, with prices starting at £93,125 for a 25% share and a minimum 5% deposit of £4,594. This is based on a full market value of £372,500.

Average monthly costs for a one-bedroom are estimated at £1,386, including mortgage payments, service charge and rent on the un-owned portion of the property.

Find out more about Kidbrooke Square 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

May 31, 2024May 31, 2024

Why Kidbrooke Square shared ownership homes offer security

NHG Homes senior sales executive Daniel Jennings talks value at the south-east London development

Images shows a computer generated scene of Kidbrooke Square, four blocks of brick-clad flats around a central square with a red tiled building — An artist’s impression of how Kidbrooke Square will look when finished

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Daniel Jennings is perhaps NHG Homes’ most potent asset in marketing shared ownership properties at its Kidbrooke Square development.

The senior sales executive is on something of a personal mission to spread the word about what’s available to prospective buyers, having seen the benefits for himself.

He said: “Before my current role, I was a sales account manager for big tech companies in America.

“I did very well, winning awards and becoming the firm’s top salesperson worldwide.

“About four-and-a-half years ago, my now wife and I bought a shared ownership property from an affordable housing provider.

“That was a three-bed in the Beckenham area, with underground parking.

“I’m from west London, so I came all the way over to the south-east of the city, where the value for money is amazing – there’s the greenery, the parks and it’s away from the hustle and bustle.

“I realised how much not having that had affected me, so I wanted us to live where we could walk around and feel the fresh air.

“We couldn’t believe that a three-bed was affordable – it was a dream to us.

“Buying a home that’s 1,000sq ft in London gave me an appreciation for shared ownership as a product.

“We were planning to get married, wanted to start a family and so we moved into the three-bed. But then the pandemic happened and I got made redundant straight away.

“We’d moved in December 2019 and I can remember thinking how lucky we were to have lockdown in this beautiful property.

“I decided I wanted a role where I could make a difference.”

Image shows a man with glasses in a white shirt with a beard, Daniel Jennings, a senior sales executive for NHG Homes — NHG Homes senior sales executive Daniel Jennings

working for NHG Homes

“I wanted to help other people feel like I had, so I thought I’d try to get my feet wet, joined NHG Homes and sold seven properties in my first two weeks,” said Daniel.

“Since then, I’ve been promoted and now, when I talk to buyers, I don’t really have to sell.

“I just show them what we have, talk about my experiences with shared ownership and how I felt when I bought into it.

“Then we talk about pros and cons options and what makes sense for them, what their goals are and what’s right.

“We really try to focus on them as people and try to find something that works.

“This includes thinking about location, commutes to work, the safety of the neighbourhood and whether there’s enough light and space.

“We even look at which way a property faces and whether the buyer is a morning or an evening person.”

Image shows a show home at Kidbrooke Square with wooden floors and comfortable furnishings. The room is an open-plan living area with a kitchen — A show home at Kidbrooke Square’s Borsberry House

what’s on offer at Kidbrooke Square

Kidbrooke Square itself isn’t exactly without attractions.

The development, which includes a mix of tenures, is located on the doorstep of Kidbrooke station.

This is ideal for rapid connections to Lewisham (for Canary Wharf and the DLR) or direct trains into the City.

The scheme features a concierge service, residents’ gym facilities and private podium gardens.

It also boasts landscaped grounds, plans for a cafe in what’s currently the marketing suite and its own dedicated bus route.

Further benefits include being close to Berkeley Homes’ extensive regeneration of the Ferrier Estate, which has seen many local amenities arrive in the area.

These include shops, a pub, a cafe and the playgrounds and the extensive spaces of Cator Park.

Greenery nearby is something of a theme.

Kidbrooke Green Park, Manor House And Gardens, Blackheath Common, Greenwich Park and Charlton Park are all within a 15-minute bike ride or half-hour walk of NHG Homes’ new properties.

Then there are the homes themselves.

These feature balconies or winter gardens, open-plan living areas with wood effect flooring, fitted kitchens with Zanussi appliances and porcelain tiling in the bathrooms.

All come with high quality sound proofing, air filter technology plus communal heating and hot water systems.

They make for a compelling proposition in comparison to the prospect of renting privately.

Image shows a modern fitted kitchen with white units and Zanussi appliances — A kitchen in a show home at Borsberry House

security in shared ownership

“Shared ownership means buying a home for life,” said Daniel.

“You can do what you want, no-one’s going to kick you out.

“You can put your pictures up, paint your walls and there won’t be any difficult conversations with landlords about rents going up.

“Being a tenant can be tough.

“By the time you see a property and call, it can be let, or you have to make a decision on the spot when you see it.

“With shared ownership there are so many options.

“Take someone earning £40,000 or £45,000.

“If they put down a £9,000 deposit, 10%, they can get a one-bed and then feel comfortable with their income and paying their bills each month.”

Image shows a computer generate scene of lawns and flowerbeds between blocks of apartments — An artist’s impression of open space at Kidbrooke Square

escaping tenancy with a home at Kidbrooke Square

“Most people who are renting are sick of sinking their money into paying someone else’s mortgage,” said Daniel.

“With shared ownership, you’ve got equity that you can build on and what you’re paying in rent, which is capped, is going to a good cause – it supports communities by building more affordable housing.

“Then, if you want to sell your share, you’ll get support from us and the fees will be cheaper than an estate agency.

“Most people – I’d say around 80% or 90% – who buy a shared ownership home are first-time buyers although you don’t have to be.

“That means we exercise patience – we know they will want us to talk them through everything and really break down all the elements of how it works.

“People have a lot of questions about how rent increases happen and why service charges can change.

“But these things can seem scarier than they actually are.

“I’m able to use my personal experience to show them that my rent, for example, might have risen £60 a month but a property in the private market might have gone up £300 or £400.

“That helps calm people when they have that understanding.”

Image shows a show home bedroom at Kidbrooke Square with a bed, desk, chair and brightly coloured art on the walls — One, two and three-bedroom homes are available at the scheme

key details

Shared ownership homes at Kidbrooke Square start at £91,875, £113,125 or £158,750 for 25% shares in a one, two or three-bedroom apartment respectively.

Monthly costs for the above are estimated to be £1,344, £1,550 and £2,042 including mortgage payments, rent and service charge.

Find out more about shared ownership homes at the development here or call 020 4579 2974

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

May 17, 2024May 17, 2024

How Square Roots Lewisham is set to mark construction finishing

Affordable housing provider owned by London Square will unveil show home in south-east London

A computer generated images of Square Roots Lewisham, a south-east London development built in white brick — An artist’s impression of Square Roots Lewisham

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Incentives and pizazz are to be expected as Square Roots Lewisham celebrates completion next month.

Residents and prospective buyers are set to come together on June 15, 2024, for an event at the development on the banks of the River Ravensbourne.

There, the affordable housing provider will host buyers and guests to mark the culmination of construction work alongside a chance to view its new three-bedroom show home.

Square Roots, which is owned by developer London Square, has created a scheme in south-east London comprising 141 apartments all with private outdoor space.

The properties themselves feature dedicated home working stations with power and high speed Wi-fi options.

Further amenities at the development include a rooftop terrace for residents, cycle storage and landscaped gardens.

A show home interior at Square Roots Lewhisham showing a grey kitchen and an open-plan living area — A new show home is set to be launched at the development in May

incentives at Square Roots Lewisham

But these aren’t the only attractions to tempt buyers.

Square Roots has put together incentive packages, with buyers able to select from a number of options worth up to £4,000 or £6,000 if reserving a one-bed or two-bed respectively.

These include window treatments from Thread And Dandy and vouchers for John Lewis and IKEA.

Annual Travel Card for Zones 1-6 or an annual parking space at Lewisham Shopping Centre are also on offer. Naturally, terms apply.

Square Roots Lewisham head of sales, Becky Boden, said: “Square Roots Lewisham offers an amazing opportunity to live close to central London in a beautifully designed, high quality new home that’s affordable.

“Look out for our Unveiling New Heights At Square Roots event on June 15 – launching new apartments and celebrating the completion of the development, plus there will be a new show home to view.

“This will be an event for both residents and the public with cocktails, food, and sax players playing Ibiza classics.”

A computer generated image showing the skyline of Canary Wharf with Square Roots Lewisham in the foreground — An artist’s impression of the view at Square Roots Lewisham

get moving

For those quick off the mark, the new show home is set to officially launch on May 18, 2024.

Prospective buyers invited to view between noon and 4pm.

Square Roots is also able to connect those seeking to make a purchase with an independent financial adviser who can assist in securing a mortgage.

With the soaring cost of renting in London, affordable housing providers are increasingly holding up shared ownership as a mirror to renting in the capital.

At Square Roots Lewisham, a buyer taking out a 35-year mortgage on 25% of a £415,000 one-bed with a 5% deposit could expect to pay around £1,422 per month for a 544sq ft one-bed.

That figure includes mortgage repayment, rent and service charge.

A similar size property for rental in Lewisham currently costs about £1,575 – £152 more – per month.

That’s a potential saving of £1,824 a year.

Buyers would need a 5% deposit of £5,188 and a minimum household income of £46,119.

An image showing the lounge of a show home at Square Roots Lewisham — The show home will also be available to view at an event in June

local amenities near Square Roots Lewisham

Beyond price, of course, a shared ownership buyer is also free to enjoy the property as though they own the whole thing.

There will be no quibbles over decorating and – crucially – no uncertainty over whether they will be required to suddenly move out.

Living in Lewisham offers a multitude of benefits with extensive regeneration already underway in the area, which boasts many restaurants, cafés, bars and shops.

The Square Roots development is located within seven minutes’ walk of Lewisham station.

This hub offers direct connections to London Bridge in eight minutes as well as rapid access to east London via the DLR.

Those working in Canary Wharf can expect a commute of about 20 minutes.

The development will feature communal roof terrace space

need to know

One, two and three-bedroom shared ownership homes are available at Square Roots Lewisham, as well as two-bed duplexes.

Prices start at £103,750 for a 25% share of a property with a full market value of £415,000. The properties will be available to move into this summer.

The estimated service charge at the development is £3.13 per sq ft.

Find out more about the scheme 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

April 3, 2024April 18, 2024

Property: How SO Resi Canning Town offers an escape from soaring rents

Shared ownership properties are close to transport hub providing easy access to multiple attractions

An artist’s impression of SO Resi Canning Town

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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.

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.

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

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.

The Canning Town apartments will feature open-plan living areas

“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 apartments are located close to Canning Town station

“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.

The apartments are set to go on sale in May, 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

March 21, 2024March 21, 2024

Property: How the cost of shared ownership compares with renting at Square Roots Lewisham in south-east London

Monthly outgoings for 25% of a property costs slightly less than comparable rental apartment

An artist’s impression of how Square Roots Lewisham when building work is complete

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Being a tenant in London can feel like you’re on a treadmill that it’s impossible to get off.

You work hard just to stay in the same place, with money simply disappearing from your account each month.

For that, you get a roof over your head and a property maintained, but seldom improved.

Rent’s expensive too, making saving cash for a deposit challenging at the best of times.

It’s a precarious situation, with rent rises and landlords selling up a constant reminder that a rapid house move may always be in the pipeline, with comparatively little notice.

Without capital or the means to build it up, the dream of home ownership can easily seem just that, a fantasy.

There is, however, another way. Affordable housing providers are increasingly holding up shared ownership deals as a mirror to renting.

Buyers can purchase 25% or more of a property with a mortgage while paying a capped rent on the remainder.

That typically means a much lower deposit than buying outright, plus lower monthly outgoings than comparable properties up for rent.

The scheme features a communal roof garden for residents to use

“It’s the biggest selling point,” said Kate McLure, regional sales manager for south London at London Square.

“As a developer that’s all about creating communities, it was quite apparent to us that there were a large number of people in the capital who want to purchase a property but aren’t able to get on the ladder.

“Your average Londoner who works in the city often isn’t able to buy on the open market.

“That’s why we set up Square Roots as an accredited affordable housing provider, so we could offer shared ownership to those people.

“The products that we’re building are similar in terms of specification – really this is about opening up opportunities for people to get access to these homes.”

Square Roots Lewisham recently launched, a scheme of 141 apartments with one, two and three-bedroom homes available on a shared ownership basis.

Prices start at £106,250 for a 25% share in a one-bed with a full market value of £425,000.

The scheme is located within walking distance of both rail and DLR services at Lewisham station beside the River Ravensbourne.

“The products we’re building at Square Roots are similar in specification to those we’re selling through London Square,” said Kate.

“Square Roots is really about opening up opportunities for people to be able to purchase these homes.

“The aim is that they can then staircase their share in the property until they own the whole thing.

“What we find is that a lot of people come to us who are renting privately in the surrounding areas and are paying more every month than they would on a mortgage payment and rent combined through shared ownership.”

A show home interior at Square Roots Lewisham

THE MATHS

To illustrate that point, we took a deep dive into the figures to see how the entry level one-bed at Square Roots Lewisham stacks up against a similar flat available for rent in the area.

Using Square Roots’ affordability calculator, buyers of the £425,000 one-bed can expect a monthly cost of £1,531.

That figure includes a mortgage payment of £658 based on a 25 year term with a 5% deposit of £5,313.

Then there’s £730 of rent, payable on the 75% owned by Square Roots at a rate of 2.75% of its value.

The remainder – £143 – is the estimated service charge for the 551sq ft property, at £3.13 per sq ft.

In contrast, a slightly smaller rental flat (538sq ft) at a similar distance from the station costs £1,575 per month to rent.

Square Roots Lewisham is located close. to Lewisham Station

“The other thing you get with shared ownership, which is really quite different to private rent, is security,” said Kate.

“It’s not like being a tenant. You don’t have to ask your landlord for permission to decorate or be worried about not getting your deposit back if you put picture hooks in the walls.

“It’s your property – you can do what you want with it, even though you’re sharing the ownership with the housing provider.

“You have that stability in knowing you won’t have to move and it works out as more affordable than renting.

“At Square Roots Lewisham, we’ve been very mindful not to build too many amenities into the scheme that would potentially make the service charge too expensive for people buying here.

“It’s right next to Lewisham town centre, so there are plenty of gyms, services, shops, restaurants and bars for buyers to enjoy.

“It’s a responsibility for us to attract as wide a customer base as possible and we don’t want to price people out.

“We want buyers to have the choice about what to spend their money on after they have moved in, rather than making assumptions about what they want.”

IN FOCUS
The entry-level one-bed apartment at Square Roots Lewisham comes with a fully-fitted kitchen, balcony, open-plan living area and built-in storage in the bedroom. Here are a few quick fire facts:
- Total size: 551sq ft
- Leasehold term: 990 years
- Time to Canary Wharf: 18 minutes (from station)
- Total value: £425,000
l 
- Estimated monthly cost: £1,531
 
- Time to cycle to Greenwich Park: 12 minutes
- Train travel to Cannon Street: 20 minutes

With parent company London Square’s name an homage to the communal outdoor spaces in the older parts of the city, Square Roots offers a communal roof garden on the fifth floor of its Lewisham scheme.

As an ongoing shared ownership partner with buyers, it will also host a customer community committee so residents will have a voice in how things are run on a long-term basis.

“It’s very much a collaborative effort,” said Kate.

“People will have a say and that say matters. I think shared ownership still needs demystifying to some extent.

“The process can seem overwhelming to first-time buyers, so I would always invite them to come and talk to us.

“We can then put them in touch with independent financial advisers who can help them to see what they can afford.”

Find our more about Square Roots Lewisham 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

March 7, 2024March 7, 2024

Property: How shared ownership homes at Kidbrooke Square are surrounded by amenities and green spaces

NHG Homes scheme offers properties with deposits starting at £4,625 for 25% of a one-bed

An artist’s impression of Kidbrooke Square in Greenwich

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NHG Homes’ Kidbrooke Square development is all set to welcome its first residents in the coming months.

Set beside the wider regeneration of the Ferrier Estate, the area has been transformed in recent years with extensive house building and landscaping.

This project has seen a wealth of amenities arrive in this part of the Royal Borough Of Greenwich, including the blockbuster playgrounds and open spaces of Cator Park – a winner of the Sir David Attenborough award for biodiversity – all of which will benefit Kidbrooke Square buyers.

NHG Homes’ scheme is currently offering one, two and three-bedroom properties on a shared ownership basis, with prices starting at £92,500 for a quarter share of an apartment.

The housing association recently unveiled a one-bedroom show home on-site, showcasing the features of its homes including fully fitted kitchens with A+ energy-rated appliances, bathrooms with porcelain floor tiles and white sanitaryware as well as built-in wardrobes and storage space.

Properties feature open-plan design and boast private outdoor space (including two apartments with winter gardens). Further benefits on-site include communal cycle storage and a concierge service.

Locally, Pegler Square is home to cafes, shops and The Depot pub as well as a gym and regular food markets.

In addition to Cator Park, the open spaces of Kidbrooke Green Park and Sutcliffe Park are also within easy walking distance.

The development is located right beside Kidbrooke Station, offering rapid connections into the centre of the capital – London Bridge takes about 16 minutes, with Waterloo East three minutes beyond that.

Shared ownership properties at the scheme feature open-plan design

Journeys to Canary Wharf take a little over 20 minutes with a change at Lewisham onto the DLR.

The area is well served by bus services and cycle routes, with trips to Blackheath and Greenwich within easy pedalling distance.

NHG Homes head of marketing and digital, Amie Triphook-Cole, said: “Now is a brilliant time to buy at Kidbrooke Square, as residents start to move in and the community continues to grow.

“These fantastic apartments have been designed with a sense of comfort, accessibility and sustainability in mind.”

NHG Homes said the monthly costs of a shared ownership property at Kidbrooke – where rent is paid on the portion of the property not owned by the buyer – were cheaper on average than renting locally.

With a 5% deposit paid on a 25% share of its entry level one-bed, it estimates that cost to be £1,344 per month, dropping to £1,291, if a buyer pays a 10% deposit.

Fully fitted kitchens come with A+ energy-rated appliances

key details

Prices at Kidbrooke Square start at £92,500 for a 25% share of a one-bed apartment, based on a total market value of £370,000.

The home extends to some 566sq ft and is available with a minimum deposit of £4,625 (5%).

Two-beds are also available starting at £111,875 for a 25% share. Deposits for that property would start at just under £5,600 (5%).

Find out more about Kidbrooke Square 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