London family homes can be affordable

Buying a family home in London is within reach reports leading affordable housing developer, Family Mosaic. Many young families struggling to secure a mortgage on the open market are discovering that shared ownership can be a more achievable way to get a foot on the property ladder.

Many people looking to buy their first home already have children or want somewhere they can raise children, but don’t necessarily want to compromise on area and move out to the suburbs. In recent years there has been an 86% increase in families with children renting rather than owning their home, according to a study by Cambridge University for Shelter.

Lauren Nicholson, Head of Marketing at Family Mosaic, comments: “In this situation, many families believe they have no option but to stay locked into renting from a private landlord, but we encourage them to have a look at the option of shared ownership, which usually costs less than renting.”

A fantastic range of three bedroom homes ideally suited to young families are now available at The Old Timber Yard, Highbury Park and Harper Square under Family Mosaic’s shared ownership scheme. Lauren Nicholson continues: “People don’t usually associate shared ownership with family homes, but we have some spacious three-bedroom apartments available that are perfect for growing families. What’s more these homes are in fantastic central locations with great transport links, such as Islington, Borough and Bethnal Green.”

Located between Archway and Crouch Hill, the Old Timber Yard offers a selection of three bedroom apartments conveniently situated just over half a mile from Archway tube station. Most apartments have their own private outdoor space in the form of terrace or balcony, while extensive glazing lets natural light flood inside.

Highbury Park in Islington offers a range of three bedroom homes set in the mature grounds of Loxford House, the development features well-established trees and greenery, as well as new planting and landscaping. The homes at Harper Square, SE1, between Borough and Elephant & Castle, are set around landscaped communal areas, close to public transport links.

All of the homes offer spacious and flexible living spaces to suit the needs of a growing family. And family living won’t mean compromising on style – the homes are fitted with high quality, contemporary kitchens equipped with fully integrated appliances, engineered oak flooring in the living areas, luxurious bathroom suites and fully carpeted bedrooms.

These family homes are available under shared ownership, which allows purchasers to buy the share of the home and pay a subsidised rent on the remaining share of the property. Buyers can increase their share at any time, all the way to up 100%. To be eligible for the scheme, buyers need to be living or working in the local area, earning less than £77,200 a year and be purchasing the apartment as their first and only home.

Three bedroom apartments at The Old Timber Yard start from £139,125 for a 35% share based on a full market value of £397,500. Homes at Highbury Park are priced from £156,750 for a 35% share of a three-bedroom home with full market value of £522,500 and three bedroom homes at Harper Square are priced from £155,750 for a 35% share of a home with full market value of £445,500.

For further information, visit familymosaicsales.co.uk.