Stop renting and start buying with shared ownership
A new report from Shelter shows that many people are finding it difficult to save a deposit for their first home because of rising rents. With rents increasing by an average of almost £300 a year in England, it is not surprising that many people find it difficult to raise the deposit needed to obtain a mortgage.
The solution for current renters could be Genesis’ shared ownership scheme, which is designed to help those who do not own a property to buy their first home. At the Genesis development at Cleves Court in Pitsea, Essex, prices start from just £24,375 for a 25% share in a one bedroom apartment, based on a full market value of £97,500. Apartments here have been incredibly popular and only seven remain for sale.
Buyers pay a Government subsidised rent on the remaining share of the property and will normally save substantially on renting a similar home privately. You can start by purchasing as little as 25% and can increase your share at any time, all the way to 100%.
Cleves Court is 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 bedroom apartment and ideally the buyer will have savings of around £3,500 to cover moving and legal costs.
Situated on the site of the former dairy on Station Lane, the development includes four, five and eight storey buildings all centred around a communal landscaped courtyard. There will also be four commercial units and a café for the local community to enjoy.
Completed to a high specification, the apartments include sleek, modern kitchens with contrasting cream cabinets and dark wood kitchen work surfaces and flooring. Appliances include an Indesit washer/dryer, fridge freezer, electric hob and extractor fan. The spacious bathrooms features include a thermostatically controlled shower above the bath, white floor to ceiling tiling, free standing basin and a large mirror with spotlights above. There are cream carpets in the lounge, hallway and bedrooms and storage facilities in the hallways.
The apartments include video entry phones to provide residents’ with added security and a car parking space in the lower ground, undercroft car park. There is also additional storage for bicycles.
Cleves Court is perfectly located to enjoy all of the great new facilities coming to Pitsea. These include new retailers, improved links to the railway station, which is only 500 metres away and a reinvigorated market. In addition, the new Wat Tyler Country Park visitor centre will provide an exciting regional visitor attraction with a great range of historic buildings and wildlife to explore.
Pitsea Railway Station is a short walk from the development offering regular services to London Fenchurch Street in just 41 minutes. This train service also provides quick and easy access to Southend in just 20 minutes and to Basildon in only 4 minutes. Each household will also be provided with one 12 month travel permit valid for the bus route to Waltham Abbey only.
Prices at Cleves Court start from £24,375 for a 25% share in a one bedroom apartment based on a full market value of £97,500. For further information, visit genesishomes.org.uk.
