Shared ownership paves the way for first time buyers in Merton
Notting Hill Home Ownership is addressing the need for affordable first-time buyer and family homes in Raynes Park, Merton, with the provision of 16 contemporary shared ownership apartments at The Pavilions.
Launched on 14th November 2009, would-be buyers still have the opportunity to view the show apartment and register their interest in these sought-after homes which start from as little as £195,000
Located off Bushey Road in Raynes Park on a former sports ground, The Pavilions developed by Groveland Estates Ltd, is an exciting new development of 50 residential apartments. A total of 16 homes will be available through Notting Hill Home Ownership via shared ownership, comprising one, two and three bedroom apartments arranged over four floors. Equally suitable for singles, couples and families, these homes will enable first-time buyers to make their move into home ownership.
Mark Vaughan, Director of Home Ownership for Notting Hill Housing comments: “Raynes Park is a fantastic area, which offers the peace and quiet of village life while still being within easy reach of central London, it is ideal for first-time buyers and young families to set up home. At Notting Hill Home Ownership it is very important to us to provide homes which are not only design-led and affordable but that are set in a fantastic location – The Pavilions ticks all these boxes.”
The homes at The Pavilions boast modern designs and a high internal specification. The trendy kitchens feature white gloss units, integrated stainless steel electric hob, oven and recycling hood, and an excellent range of quality branded appliances. The stylish bathrooms include a thermostatically controlled shower and chrome towel rail. The two and three bedroom homes also have an ensuite shower room. Flooring is already laid in the living room and Regency carpets feature in the bedrooms and living room Parking is available for each apartment.
Raynes Park is part of the London Borough of Merton, made famous for hosting the Wimbledon Tennis Championships and for its picturesque villages. Raynes Park has transformed itself into a thriving village and benefits from a good choice of local shops, a supermarket, pubs and restaurants, along with playing fields, parklands, the stunning Cannon Hill Common and a David Lloyd Health Club.
For shopping delights, Wimbledon, with its Centre Court shopping mall, is on the door step and to the west is Kingston-upon-Thames, a shopper's mecca. Both centres can be easily accessed from Raynes Park by train, bus or car. Wimbledon Theatre on Wimbledon Broadway has recently been refurbished and hosts many plays and musicals including a popular Christmas pantomime. Further down Wimbledon Broadway is the Polka Theatre, which puts on shows for young children.
The Pavilions, which is accessed via a residential cul-de-sac known as Fairway, is located close to excellent transport links and is ideal for residents looking to commute both close to home and further afield. Raynes Park Station is 0.3 miles away, which offers journey times into London Waterloo in just over 20 minutes. Both Wimbledon Station and Merton Park Tram Station are less than two miles away and regular bus services are available running to Wimbledon, Clapham Junction and Waterloo. For car owners, the development is situated near to the A3, which provides links to Kingston or Putney and onward routes into central London and south east England.
To be eligible for a shared ownership apartment at The Pavilions buyers must live in the borough of Merton and earn less that £60,000. Purchasers looking to buy at the development have the opportunity to buy an affordable share of between 45% 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 45% share, prices for a one-bedroom apartment start from £87,750 with a full market value of 195,000; £110,000for a two-bedroom apartment with a full market value of £245,000 and from £123,000 for a three-bedroom apartment with a full market value of £275,000
For a one-bedroom apartment applicants must be earning at least £26,700 (single applicant) or £29,000 (joint applicants). For a two-bedroom apartment applicants must be earning at least £31,500 (single applicant) or £33,000 (joint applicants). For a three-bedroom apartment they must be earning at least £33,700 (single applicant) or £35,300 (joint applicants). Applicants will also need access to at least £3,500 to cover the initial cost of buying the home, plus a 15% deposit.
For further information visit nottinghillhousing.org.uk.
