Riverscape

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.

A kitchen at SO Resi Canning Town
A kitchen at SO Resi Canning Town

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
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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

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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
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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. 

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

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
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