The average shared ownership buyer is just 25 years old compared with first time buyers in the wider market who are typically aged 33, according to a recent report from JLL. Affordable housing provider East Thames is helping meet this demand from a generation of people otherwise stranded in the rental sector, with the recent launch of its Stratford Broadway development of 35 shared ownership homes in Stratford, East London.
Young professionals, keen to get a foot on the housing ladder at a price they can afford, are able to buy a 30% share in a one-bedroom apartment at Stratford Broadway for just £112,500. This requires a minimum household income of £47,212, with a deposit of just £11,250.
The shared ownership scheme allows purchasers to buy a stake in their home (at least 30%) and pay a subsidised rent to East Thames on the remaining share of the property. They can buy additional stakes at any time up to the value of 100%, allowing them to increase the proportion of the property they own whenever it suits them.
Tony Harker, Director of Sales & Marketing at East Thames comments: “Shared ownership has a vital role to play in our capital’s housing market, offering one of the few remaining routes into home ownership for first time buyers. Purchasers at Stratford Broadway can enjoy a buzzing central London location, excellent transport links and world class shopping on their doorstep, for less than they would typically pay in rent. After a successful launch, 50% of the homes are under offer, so we recommend that potential purchasers act fast in order to avoid disappointment.”
Located in the heart of Stratford, the development comprises 35 high specification homes with open plan living and dining spaces, private balconies and floor to ceiling windows that flood the apartments with natural light. Contemporary kitchens are fitted with Symphony New York handle less high gloss white units, Silestone worktops and integrated Electrolux appliances.
Bathrooms feature white sanitaryware, latte wall tiles and ivory matt floor tiles, with large fitted wardrobes in the master bedroom offering plenty of storage space. Residents also have access to a communal roof top terrace and private gym at the adjacent Stratosphere Tower, which is linked via a striking glazed concierge area.
Transport links are second to none, with Stratford bus and train station situated opposite the development and Stratford International Station within easy reach, connecting residents to the West End, City and Canary Wharf. Westfield Stratford is also on the doorstep, offering some of London’s best retail facilities, bars and restaurants.