London Square’s affordable housing provider is delivering shared ownership homes within easy reach of E14, the City and beyond
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what’s this?
This is Square Roots Lewisham, a development in south-east London with a collection of 116 shared ownership properties available.
lovely, what’s on offer?
There are one, two and three-bedroom apartments on sale as well as duplexes. The homes feature open-plan design, fully fitted kitchens and bathrooms plus private balconies or terraces as well as space for home working.
who built it?
The scheme has been delivered in partnership with affordable housing provider Square Roots’ parent company developer London Square, providing affordable housing to prospective buyers.
what else do buyers get?
The scheme’s shared ownership properties come with a 990-year lease and form part of a newly created riverside development that features landscaped gardens, play areas and a communal rooftop space.
The project also boasts space for retail business and offices.
Cycle storage space has also been included, meaning residents who favour two wheeled transportation can easily take advantage of an extensive network of local cycle paths connecting the area to Greenwich, Blackheath and Deptford.
buying in the right location
where is it?
Square Roots Lewisham is located about seven minutes’ walk from Lewisham station, which offers direct links to Canary Wharf and the City via the DLR and national rail services respectively.
Set on the edge of the River Ravensbourne, residents will benefit from the wider regeneration of Lewisham, which has seen many homes and amenities arrive in the area in recent years.
and the quality of the scheme?
The Square Roots Lewisham scheme has won much positive recognition for its offering.
To date, the development has collected an Evening Standard New Homes Award 2024 for Best Shared Ownership Home, the Gold Award for Best Starter Home at the WhatHouse? Awards 2024 and Best Large Development Of The Year at the First Time Buyer Readers’ Awards 2024.
can I see it?
Yes. Square Roots has show homes on-site for prospective buyers to explore, enabling interested parties to get a feel for the finishes and location of the apartments.
Shared ownership buyers live in their properties with the same decorative rights as leaseholders, so buyers will also be free to make any non-structural changes to the interior that they wish.
what about costs?
Let’s take a look at a two-bed. The full market value of a 660sq ft apartment of the apartment in question is £525,000, meaning shared ownership buyers could purchase a minimum share for £131,250.
Assuming the buyer is able to access a 95% mortgage, they’d need a deposit of £6,563, meaning loan repayments of around £775 per month over a 25-year term.
Below market rent would be payable on the remaining 75% of the apartment of £902, plus service charge of £174 making a total expected monthly outlay of £1,851.
At the time of going to press, this compared favourably with the vast majority of two-bedroom homes listed for rent locally either being smaller, more expensive or considerably further from the area’s transport links.
key details: Square Roots Lewisham
Homes at Square Roots Lewisham are available now, with prices starting at £102,500 for a 25% share of a one-bedroom apartment based on a full market value of £410,000.
Those interested in a home with Square Roots can either register their details via the company’s website or call 0333 666 0102 for more details.
Read more: SO Resi’s Kevin Sims on the advantages of shared ownership
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