In some areas including Camden and Hammersmith this figure dropped to five per cent, while in Harrow it was a staggering 1.6 per cent, proving that shared ownership homes in some boroughs offer the only way for people to be able to buy a home. Notting Hill Home Ownership has a range of homes across the capital in Lambeth, Harrow, Hammersmith, Hillingdon, Hounslow, Camden, Islington and Merton, some of which are available to people earning as little as £23,000.
The study by the National Housing and Planning Advice Unit also stated that the housing crisis among young families has been made worse by the lack of mortgages available and the shortage of affordable homes in the capital. Mark Vaughan, Notting Hill Home Ownership comments: “These latest figures show how completely unaffordable owning a home in London has become. Previously shared ownership supported key workers, low income first time buyers and social tenants. But now, as the country is gripped by recession, more middle income buyers are turning their sights to shared ownership to solve their housing needs. This shift in demographic is evident in the fact that last year alone 70% of our buyers were now in this category – earning between £30,000 to £60,000 but still could not afford to purchase on the open market.”
Notting Hill Home Ownership has a range of shared ownership homes available for sale. In Harrow, where only 1.6 per cent can afford to buy a home, single applicants can get on the property ladder from earning just £27,500 or joint applicants from £33,000 with shared ownership homes at Roxeth Corner. A newly built development situated on the corner of Northolt Road and Shaftesbury Avenue, which provides easy access to transport links and local amenities.
Harrow is one of London’s more prosperous and diverse boroughs, and Roxeth Corner offers first-time buyers stylish homes. Purchasers looking to buy at the development have the opportunity to buy an affordable share of between 50% and 75% of the property’s full value and pay a subsidised rent on the remainder, with the option to purchase additional shares later on. Prices for one-bedroom homes at full market value start at £165,000. Shares are available to purchase between 50% and 75% meaning that you can move in for just £82,500.
In Merton single applicants can buy a home from just £26,700 or joint applicants from just £29,000 at The Pavilions, an exciting new development of 16 one, two and three bedroom homes available in a private block situated on the site of a former sports ground. One bedroom apartments start from £87,750, based on a 45% share of the full market value of £195,000. Two bedroom apartments start from £110,250, based on a 45% share of the full market value of £245,000. Three bedroom apartments start from £123,750, based on a 45% share of the full market value of £275,000. Shares between 45% and 75% are available to buy.
If you are interested in New Build HomeBuy or want to discuss eligibility requirements give us a call on 0208 357 4444 or email email@example.com