More families set to benefit from shared ownership
More London families will have the opportunity to get onto the property ladder through shared ownership schemes when the income cap for people purchasing homes in London with three or more bedrooms increases to £74,000 this April. Family Mosaic, leading affordable housing developer, is launching a selection of family friendly three bedroom homes at its new Harper Square development in SE1, in response to the strong demand for affordable family homes in London.
While the average household income across London stands at less than £35,000, the median salary of someone in full-time employment in London is around £33,000. Lauren Nicholson, Head of Marketing at Family Mosaic, comments: “Many people don't realise they might be eligible for shared ownership, but as the as the maximum joint income for these schemes rises to £74,000, even families where two people work full-time and earn above a typical London salary can qualify. We are glad that the opportunities for working families to get onto the property ladder are widening. Anyone searching for an affordable family home should take a look at Harper Square.”
Harper Square offers a selection of one, two and three bedroom apartments, set around a communal landscaped courtyard. It is conveniently located between Elephant & Castle and Borough tube stations, on Harper Road, a thriving street in SE1 with many local amenities and great places to eat and shop. Ideal for families, it is close to several good schools and parks. Nearby are attractions such as Borough Market, a major draw for food lovers, as well as the cultural highlights of the South Bank, such as Tate Modern, the National Theatre and all that the Southbank Centre has to offer.
The development offers 22 contemporary apartments in a sleek, contemporary building. Most apartments have their own private outdoor space in the form of terrace or balcony, while floor to ceiling windows let natural light flood inside. Open plan living areas are designed to be flexible and maximise use of space. A high standard interior specification gives the feeling of quality, with sleek white gloss kitchens including fully integrated Zanussi appliances, stylish white bathroom suites and oak finish timber flooring. For security, each home is fitted with a video entryphone system, and wheelchair adapted properties are available.
Family Mosaic encourages sustainable living at its developments – to promote the use of green transport, the scheme has an on site car club and secure covered bike racks, as well as a Barclays Bikes docking station in Harper Road. There is also good access to public transport, with several bus stops close by, and Borough or Elephant & Castle tube stations just ten minutes walk away.
Buying under shared ownership at Harper Square allows purchasers to buy the share of their home that they can afford (at least 35%), and pay a subsidised rent on the remaining share of the property. They can increase their share at any time, right up to 100%.
Homes at Harper Square are priced from £95,375 for a 35% share of a one-bedroom apartment with full market value of £272,500, based on a minimum single income of £36,960. Three bedroom apartments start at £155,750 for a 35% share, based on a full market value of £445,000. For further information, visit familymosaicsales.co.uk.