Affordable new homes for Croydon
Notting Hill Home Ownership’s collection of newly launched shared ownership apartments at Barratt’s New South Quarter development in Croydon, is now available to people living or working outside the borough for the first time. This means people who have typically been priced out of Croydon can now afford to buy their own home there.
Previously only Croydon residents were eligible however, now anyone living or working in Lambeth, Merton, Richmond, Sutton or Wandsworth can now apply. New South Quarter is Croydon’s newest and most exciting mixed-use development. Situated on the Purley Way, just over a mile from Croydon town centre and next to Waddon Marsh and Wandle Park Tramline, the development is ideal for commuters or those working in Central London.
Dubbed as Croydon’s new urban village when complete it will comprise 796 one, two and three bedroom apartments – a mix of private and affordable, 41 of which are being offer on a shared ownership basis through Notting Hill Home Ownership. Apartments will be set around courtyards and gardens, in addition there will be a range of onsite amenities current plans include a nursery school, medical centre, cafe and convenience store.
Mark Vaughan, Director of Home Ownership for Notting Hill Housing comments: “This is a great opportunity for people not living in the Croydon area who were previously priced out of the market to be able to buy a home there. New South Quarter is a fantastic development which is conveniently located in the hub of Croydon close to great transport links into central London.”
New South Quarter will feature the very best of modern British architecture. The exterior design incorporates colourful modern materials and different building heights, to give the development a very distinctive style. The development takes an innovative approach to external spaces and there is a strong public and private landscape framework throughout, with plans for buildings to be set around courtyards, landscaped gardens, open green spaces and the River Wandle.
Apartments have been cleverly designed to provide the feeling of light and space incorporating the use of large windows and a modern open plan living experience in the living/dining room and kitchen. An integral part of the design is to provide residents with additional living space and promote indoor/outdoor living – the main living space in each home leads on to either a balcony or terrace area.
Croydon, London’s third city, boasts an eclectic mix of wine bars, restaurants, pubs and clubs. The town’s landmark, the Croydon Clock Tower, is a thriving cultural experience offering residents the choice of a cinema, theatre, gallery, museum and library all under one roof. For shopping delights, the Whitgift Centre, Centrale and Ikea are all located close by.
New South Quarter is ideally located and well severed by buses, pedestrian and cycle routes. Croydon has excellent transport links to central London. Wandle Park Tramline, situated opposite the development, connects directly with East Croydon train station in eight minutes which provides trains to Victoria and London Bridge, in just 13 minutes. The tram also provides connections to Wimbeldon which is served by the District Line and provides South West trains to Clapham Junction and London Waterloo. The M25 and M23 motorways along with Gatwick airport are also close by.
Purchasers looking to buy at the development have the opportunity to buy an affordable share of between 25% and 75% of the property’s full value and pay a subsidised rent on the remainder, with the option to purchase additional shares later on. Based on a 30% share, prices for a one-bedroom apartment start from £43,500 with a full market value of £145,000; £53,700 for a two-bedroom apartment with a full market value of £179,000 and from £63,900 for a three-bedroom apartment with a full market value of £213,000.
For a one-bedroom apartment applicants must be earning at least £21,500 (single applicant) or £25,000 (joint applicants). For a two-bedroom apartment applicants must be earning at least £25,000 (single applicant) or £28,250 (joint applicants) For a three-bedroom apartment they must be earning at least £28,000 (single applicant) or £31,000 (joint applicants). Applicants will also need access to at least £3,500 to cover the initial cost of buying the home, plus at least a 10 % deposit.
For further information or to register your interest, visit nottinghillhousing.org.uk/nsq.
