Affordable apartments enable couples to start a family
According to a recent study by First Direct, almost half of all young couples are putting off settling down and having children because they can’t afford to buy a property.
The survey of almost 1,200 people who are living in shared houses and flats with a partner found that eight in ten people are stuck in the rental sector because they can’t raise a large enough deposit – an average of £65,000, according to another study by First Direct. Forty-five per cent said they didn’t want to marry or start a family until they have managed to buy a property.
Family Mosaic has developments across London, including Harper Square, SE1, New Festival Quarter, E14 and Central Park in Lewisham which have three bedroom apartments, available through shared ownership – providing the ideal space for a new family.
Shared ownership is one positive way for many people to get on the property ladder, including those who want or already have children. Apartments are available to anyone who does not already own a property and is unable to buy a home on the open market. Their total household income must be less than £64,300 per annum for a one or two bedroom apartment or £77,200 for a three bedroom property. Ideally they should also have savings of around £3,500 to cover moving and legal costs.
Lauren Nicholson, Head of Marketing at Family Mosaic comments: “Shared ownership offers a great opportunity for first time buyers to get on the property ladder now rather than spending years saving for a deposit and putting off having children. Many people don't realise they might be eligible for shared ownership, but as the as the maximum joint income for these schemes is £77,200, even families where two people work full-time and earn above a typical London salary can qualify.”
Buying under shared ownership 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%.
At Harper Square, there are a great range of three bedroom apartments available which are ideal for families. Designed within a sleek, contemporary building around a central landscaped courtyard, most properties have private outdoor space in the form of a terrace or balcony. Finished to a high specification, the apartments have floor to ceiling windows, open plan living areas and fully fitted kitchens.
The development has an on-site car club and secure bike racks as well as Barclays docking station in Harper Road. Three bedroom apartments start at £155,750 for a 35% share, based on a full market value of £445,000.
New Festival Quarter is an exciting new development of apartments in East London. Finished to a high specification, these properties are perfect for people looking to raise a family. All apartments feature terraces or balconies, some offer a dual aspect and some apartments feature en-suite bathrooms to the master bedroom. Prices for three bedroom apartments start from £121,625 for a 35% share based on a full market value of £347,500.
Set in an attractive urban park in Lewisham, close to Greenwich and Blackheath, the three bedroom shared ownership apartments at Central Park benefit from concierge service, gated underground parking and CCTV to cover all entrances. There is also undercroft cycle parking is available to all residents and a car club is available on site, with electric car charging points available in the basement. Prices start from £97,125 for a 35% share of a three bedroom apartment based on a full market value of £277,500.
For further information on all developments by Family Mosaic, visit familymosaicsales.co.uk.
