Single living in East London at an affordable price
For individuals looking to ease the financial ‘penalty’ of choosing to live alone, shared ownership schemes such as the one offered by Family Mosaic at New Festival Quarter in East London offer first time buyers the chance to get a foot on the property ladder without overstretching financially.
Poplar is becoming a popular choice for single professionals seeking good value property, with strong future potential being boosted by the massive regeneration around the Olympic zone and proximity to Canary Wharf. But while the current average asking price of a one-bedroom property in E14 stands at £286,000 (source: findaproperty.com), for many individuals raising a deposit and securing a mortgage is impossible. Equally the cost of renting is on the rise, with the average monthly rent for a one-bedroom property in E14 now around £1,400. Shared ownership offers a different choice – a way to escape paying London’s increasing rental rates and make an investment in bricks and mortar.
New Festival Quarter offers a stylish collection of new homes, specifically designed for first time buyers. One-bedroom homes can start from as little as £76,125 for a 35% share of a one-bedroom apartment with full market value of £217,500, based on a minimum single income of £29,941. Purchasers buy the share of their home that they can afford (at least 35%), and pay subsidised rent on the remaining share of the property, usually resulting in lower monthly costs than renting on the open market. They can increase the share that they own at any time, right up to 100%.
Lauren Nicholson, Head of Marketing at Family Mosaic comments: “An increasing number of Londoners are choosing to live alone but it can be an expensive choice.
Shared ownership schemes offer a way out of the renting trap, while significantly reducing monthly outgoings. New Festival Quarter is our latest flagship scheme and offers a stylish city lifestyle with many extra amenities you don’t normally associate with affordable housing.”
Set across four buildings, New Festival Quarter is designed as a truly contemporary new community that echoes some of the ‘Festival of Britain’ architecture of the former Lansbury Estate where it is situated. It boasts 24-hour concierge, a residents’ only gym, communal rooftop gardens and landscaped exteriors. Each home has its own private outdoor space – either terraces or balconies - and some have a dual aspect, making the most of the stunning views towards Canary Wharf.
To complement the cool urban setting, the interiors are designed to a high specification, with sleek kitchens including fully integrated Zanussi appliances, stylish fully tiled bathrooms and oak finish timber flooring. For security and peace of mind, video door entry phone systems are fitted. The buildings are also designed to the highest environmental principles, so heating and lighting are energy efficient and cycle storage facilities are available for all residents.
The location is ideal for young professionals, close to Langdon Park and All Saints stations on the DLR, putting it just seven minutes from Canary Wharf and nine minutes from Stratford.
For further information, visit familymosaicsales.co.uk.