Work less and pay less for a new home in Islington
With London rents on the rise, forecast to increase 20% by 2016 according to a recent report by Savills and Rightmove, renting in the capital is now more expensive than buying a home, but many people struggling with rising rents cannot get a mortgage. Family Mosaic, leading affordable housing developer, highlights that shared ownership can be a way to reduce monthly outgoings whilst getting a foot on the property ladder, even in some of London’s most affluent boroughs.
A person would have to work 47.7 hours per week at minimum wage to pay for the average Islington one-bedroom rental property costing £1,257 per month, according to data from The Guardian .
At The Old Timber Yard, prices for one bedroom apartments start from £72,625 for a 35% share based on a full market value of £207,500. To afford this, purchasers on the same minimum wage could work over 17 hours less per week at 30.6 hours, which equates to a saving of more than £450 per month, based on a monthly outgoing of £806.
Lauren Nicholson, Head of Marketing at Family Mosaic, comments: “Everyone is feeling the squeeze at the moment and most people are looking for ways to reduce essential monthly outgoings so that they can manage the costs of living in London. Shared ownership offers the best of both worlds – a way to escape paying London’s ever increasing rental rates, while being an investment in bricks and mortar that will appreciate over time. Many people don’t realise they would actually be better off financially under this type of arrangement than renting on the open market.”
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. 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 entryphone 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. Visit familymosaicsales.co.uk for further information.