Home ownership is more affordable than you think
Around 65% of Londoners who don't own their own home, don't think they will ever be able to afford to buy in London, according to data from Shelter , while in order to rent a two-bedroom home from a private landlord, a family needs an income of at least £52,000 a year. For families struggling to meet these costs, Family Mosaic, leading affordable housing developer, highlights that shared ownership is an accessible route onto the property ladder, which can considerably reduce monthly outgoings compared to renting from a private landlord.
As Family Mosaic launches its newest development, the Old Timber Yard in Fairbridge Road, N19, figures show that buying through shared ownership can reduce monthly costs by more than 25% compared to renting. The average cost for a two-bedroom rental property in N19 is £1,388 per month, compared to £1,040 for a two-bedroom home at the Old Timber Yard.
Lauren Nicholson, Head of Marketing at Family Mosaic, comments: “With London rents still rising, many people are spending the majority of their income on rent and would like to find a way to reduce this cost. People often assume home ownership is not an option open to them, but through shared ownership, people on average incomes can think about investing in their futures, rather than just lining the pockets of a private landlord. Owning a home at the Old Timber Yard might be more affordable than you think.”
Located between Archway and Crouch Hill, the Old Timber Yard offers a selection of new one, two and three bedroom apartments. It is conveniently situated just over half a mile from Archway tube station, on the Northern line, or under two miles from Finsbury Park, served by the Victoria line and overland rail services. For shops and amenities, Holloway Road and Hornsey Rise have plenty for day-to-day needs, while nearby Crouch End has an attractive mix of independent shops, restaurants and cafes.
The development offers 29 contemporary apartments in a contemporary, four storey building. Most apartments have their own private outdoor space in the form of terrace or balcony, while extensive glazing lets natural light flood inside. Interiors are finished to a high standard, 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 entry phone system.
Buying under shared ownership at the Old Timber Yard 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 the Old Timber Yard are priced from £72,625 for a 35% share of a one-bedroom apartment with full market value of £207,500, based on a minimum single income of £28,347. Two-bedroom properties start at £95,375 for a 35% share, based on full market value of £272,500. For further information, visit familymosaicsales.co.uk.