First time buyers are on the rise – the £6 billion of new mortgage lending they received in November was an increase of 9% year on year, according to the latest figures from UK Finance[i]. At Manor Place Depot near Elephant and Castle, 65% of the Shared Ownership apartments available to those living and working in the London Borough of Southwark were reserved in just six weeks, following their launch in January 2019. Here, Notting Hill Genesis is offering a range of stylish one and two-bedroom apartments available through its Shared Ownership scheme.
While getting onto the property ladder in London can seem a daunting prospect, especially for those hoping to live in a central location, the Shared Ownership apartments at Manor Place Depot offer the opportunity for local buyers to move into their own home in a highly desirable Zone 1 location. What’s more, purchasers can choose to buy the share of the home that they can afford – at least 25% – while paying subsidised rent on the remainder of the value of the property. They can then increase their share as and when they want, right up to full ownership. Prices at Manor Place Depot start at £108,750 for a 25% share of a one-bedroom apartment, or £137,500 for a 25% share of a two-bedroom apartment.
Jim Munson, Head of Marketing for Notting Hill Genesis, comments: “Interest in Shared Ownership as a way to get onto the property ladder is growing. Many of our buyers could not believe they could afford a property of their own in such a well-connected and sought-after location but, through Shared Ownership, they could actually be paying less than they would be in market rent while investing in their own futures.”
Manor Place Depot is situated just a few moments walk from the hub of Elephant and Castle, which is the focus of huge regeneration with £3billion being invested in transforming the area. The newly designed town centre will offer a wide range of amenities including a new shopping centre, cinema and cultural venue, alongside new homes. Its excellent transport links put the rest of central London in easy reach and marks this out as one of Zone 1’s most up and coming and best value neighbourhoods.
The homes at Manor Place Depot are carefully designed to meet the needs of modern lifestyles and include a stylish, and contemporary specification. Interior living space is airy and open plan, with large windows allowing plenty of natural light. All apartments benefit from spacious balconies, some with views of the Shard or the London Eye. Sleek fully fitted kitchens come with a range of integrated Zanussi and Bosch appliances and include a handy breakfast bar. Underfloor heating is installed and there are fitted wardrobes to most bedrooms.
The area surrounding Manor Place Depot has an extensive array of local amenities to meet the needs of daily life. As part of the development itself, there are spaces for new shops, cafes, restaurants and businesses within the characterful converted viaduct arches. Nearby by The Castle Centre is a state-of-the-art leisure centre that has recently reopened following a £20m upgrade. For shopping, East Street market, Walworth Road’s shops including Marks and Spencer and Morrison’s superstore are all on the doorstep, and the foodie destination of Borough Market is less than two miles away. The green open spaces of Burgess Park are great for getting outdoors, while the creative side of Elephant and Castle is thriving, offering an ever changing scene of cultural events and arts venues.
Living at Manor Place Depot could not be better connected. Elephant and Castle and Kennington tube stations are both just a short walk away, served by the Northern and Bakerloo lines. From Elephant and Castle, Waterloo can be reached in four minutes, Bank in five minutes, as well as City Thameslink trains running to Blackfriars, Farringdon and St Pancras International. Buyers also benefit from 24-hour travel via the night tube service on the Northern line providing access to all of central London’s hotspots.
Through Notting Hill Genesis’ shared ownership scheme purchasers buy a share of the home, starting from 25%, on which they can take out a mortgage. Deposits are from as little as 10% of the cost of the share. They pay rent on the remaining amount and can increase the share they own at any time, right up to 100%. The scheme is open to people who live or work in Southwark. For more information, please visit www.manorplacedepot.com or call 020 3815 2222.