Shared Ownership available in Poplar to help buyers out of the rental trap
Posted 6 December 2016 by
Keith OsborneBuying a home outright, particularly in London, is financially impossible for many, which is where the Shared Ownership option now available at Horizons Tower in Poplar can be a major help to would-be homeowners in east London.
There is now a selection of one-, two- and three-bedroom apartments available at this development from the development arm of one of the capital’s most respected housing associations, Notting Hill Sales, with a minimum proportion of 25% of the property to buy through the Shared Ownership scheme.
Prices for a one-bedroom apartment at Horizons Tower start at £94,375 for a 25% share (full market price, £377,500), with a 25% share of a two-bedroom apartment from £128,125 (full market price £512,500) and 25% of a three-bedroom home from £147,500 for a 25% share (£590,000 full market value).
‘Financial wellness’ experts Momentum have done research recently that shows that despite astute planning and fiscal habits, many renters are unable to move into homeownership due to increasing rental costs and related fees (some of which the Chancellor of the Exchequer decide to ban in this year’s Autumn Statement). This ‘rental trap’ means they unable to save the money they need for the deposit and legal costs needed to switch to a home they own.
Simon Neary, head of sales and marketing at Notting Hill Sales, says: “This research highlights the long-term negative effects of being a renter, and the contrasting advantages that come with being a homeowner. Notting Hill Sales is delighted to offer the opportunity for renters to get out of the rental cycle and take their first step on the housing ladder with Shared Ownership.
“We encourage potential buyers who are interested in one of our stylish apartments at Horizons Tower, which offers great access to Canary Wharf and the thriving hub of Greenwich Peninsula, to act quickly so as not to miss out.”
The Shared Ownership tenure allows people to buy the proportion of the property they can afford, and pay a subsidised rent on the remainder – leading to the scheme sometimes being referred to as ‘part-buy/part-rent’. With an initial share of between 25% and 75% of the full value of the property, the initial deposit requirement is much less than on the open market, though the owner is able to increase their share over time, even to the point of 100% ownership if they wish.
At Horizons Tower, an initial deposit for a one-bedroom property starts at £9,500, with an estimated monthly cost of around £1,600 mortgage repayment and monthly rent. The average rent on a comparable home in E14 is nearly £1,750, so Shared Ownership can also save money from outright renting.
This development is close to Canary Wharf, on the north side of the River Thames, opposite the O2 Arena. Residents have use of an exclusive gym and there’s a 24-hour concierge for security and assistance with services.
The interior specification of each home includes a British-made designer kitchen with a full range of integrated appliances, elegant bathrooms and en suites, built-in wardrobes to the master bedroom and video entryphone. Each home also has its own balcony.
The area is undergoing huge regeneration and modernisation, and is very well connected, with Blackwall DLR station only 500m from Horizons Tower providing great connections around Docklands and links to the Tube network. Nearby Canary Wharf will link to Crossrail from 2018.
Find out more about Horizons Tower from Notting Hill Sales