The idea of purchasing a property in London, one of the world’s most expensive cities, is enough to make most prospective buyers wince. However, the prospect of new shared ownership schemes could be a way forward towards that all-important first step onto the capital’s property ladder.
Jenny Murphy, Head of Sales and Marketing at Notting Hill Sales, comments: “The homes at The Staging Post offer a fantastic opportunity to live in what is already a thriving community, with access to an environment not often found so close to the city.
“All of the homes will benefit from private outdoor space in the form of a balcony, terrace or garden, and the communal spaces within the development perfectly compliment the extensive surrounding green spaces of Lampton Park.
“The range of properties will also provide an affordable path to homeownership for many looking to move onto or up the property ladder, meaning residents really will be able to enjoy the best of both worlds.”
According to Rightmove, the average house price this year in Hounslow is £498,930. This figure was 3% up on the previous year, and compared to 2015, up 8%.
Shared Ownership Homes come to London’s Greenest Borough: Hounslow
Shared Ownership Properties or Help to Buy?
According to Homes and Property, fewer than 7,000 affordable homes were completed across London in the last year. Figures show that more than a third of boroughs offered less than 100 affordable homes each.
Due to this extremely small amount of affordable housing in London, shared ownership schemes are often very over-subscribed, meaning buyers often need to move quickly if they are to secure available properties.
Generally, shared ownership property is cheaper to get into, and more secure in the long run, so it’s particularly great for risk-wary earners, with lower to middle incomes. In comparison, help-to-buy schemes offer more flexibility in where and what you can buy, and likely to be cheaper month to month. However, you will need a bigger mortgage, higher income as well as a larger deposit to get started.
The Hounslow Shared Ownership Homes
According to Notting Hill Sales, “Prices start from £162,500 based on a 50% share of the full market value of £325,000 for a one bedroom apartment.
“Commuters are very well-connected, The Staging Post is a three-minute walk from Hounslow Central underground station, serviced by the Piccadilly line and boasting journey times of 40 minutes into central London and 11 minutes to Heathrow Airport. The development is also well served by several bus routes, while many local amenities are within comfortable walking distance, making it easy to get about town. The M25 can be reached in around 20 minutes via the A30.”
For such well-connected developments, it seems that shared ownership homes could be an avenue for the future of housing developments and the London sales market.
Check out more information on the 2015 regulations on shared homeownership properties being dropped.