Working with developer Taylor Wimpey and Paragon Community Housing Ltd, Wandsworth Council has secured another ten shared ownership homes in Nine Elms.
April 12, 2017
The new part-buy, part-rent properties are within the Battersea Quarter development on the corner of Queenstown Road and Battersea Park Road, with existing Wandsworth residents and workers getting priority over buyers from outside the borough.
To see if you qualify for shared ownership housing visit www.wandsworth.gov.uk/homeownership or contact Wandsworth Council’s dedicated homeownership team to find out more.
Cllr Paul Ellis, cabinet member for housing at Wandsworth Council, said: “The revival of Nine Elms is creating thousands of new affordable homes and the council ensures local residents and workers get priority when they come up for sale. If you are a frustrated first-time-buyer stuck in private rent accommodation or living in the family home, then these properties could be for you.”
Shared ownership housing helps people who cannot afford to buy a home at full value by allowing a manageable stage-by-stage purchase. You can buy a share of between 25 and 75 per cent initially, and pay a discounted rent on the rest, with the chance to buy a larger share at a later date.
Unlike many councils, Wandsworth ensures that shared ownership homes are offered to households on incomes below the Mayor of London’s current salary cap of £90,000. Wandsworth sets a range of maximum household income levels, starting at £46,000, to ensure lower earners can also get on the property ladder.
Wandsworth is also one of only a handful of councils that prioritise local people for shared ownership housing. Last year this meant that 96 per cent of these low cost properties were snapped up by buyers from the Brighter Borough or those who already work here.
Battersea Quarter has been created as a result of Taylor Wimpey Central London’s Battersea Exchange development, which will deliver new homes and create a vastly improved public realm that offers a new pedestrian route linking Queenstown Road and Battersea Park train stations, a landscaped public square, and new office and retail space within restored railway arches.
As part of the development, Taylor Wimpey Central London has also provided a brand new state-of-the-art school building, for St Mary’s Roman Catholic Primary School, that features a rooftop games pitch. The new facility means St Mary’s will soon be able to increase capacity from one-form to two-form entry.
How does shared ownership work?
· You can buy a share of a property, using a smaller deposit, proportional to the share being bought
· You would also need to pay the legal fees and moving costs
· You then pay a monthly rent and service charge to a housing association, and a monthly mortgage repayment
· Over time you could increase the share you own, eg from 25% to 40% and up to 100%: a process known as ‘staircasing’