Live the dream within your means at St George Wharf
Britain, regarded as a credit nation by nature, continues to see a staggering number of consumers living beyond their means.
A study by CreditExpert.co.uk reveals that Brits are spending over £45 billion annually just to keep up with the Joneses, splashing out on socialising, designer clothes, flash cars and dream pads.
However, everyday Londoners who want to live the good life, the right way, without racking up mountains of debt can in actual fact get ahead of the Joneses and get on to the property ladder in the capital. The answer - shared ownership - an affordable way into home ownership, whereby you part buy and part rent your home.
Notting Hill Home Ownership, the pioneer of shared ownership is offering Londoners the chance to invest in one of the city’s most stylish riverside developments, St George Wharf, situated on the south bank of the River Thames, from as little as £103,250, without having to earn a triple figure salary or indeed break the bank in the process.
St George Wharf is a landmark on London’s skyline that combines the perfect location with sophisticated contemporary living. It is rapidly becoming one of London’s most sought after addresses, famous for its stunning architecture and stylish design. Set in beautifully landscaped courtyards and open spaces including a 275m riverside promenade, the mixed-use development offers residents a wide range of onsite amenities including several restaurants and bars providing high quality international cuisine and entertainment, a Tesco Express, Lloyds Pharmacy, medical centre and very affordable gym costing only £14 per month.
Rather than forking out a hefty deposit, buyers who purchase a 35% share of a one-bedroom apartment at the scheme will only need a minimum deposit of £15,488, compared to the average £40,000 deposit required for purchasing a home on the open market. That means they will be left with enough funds in the bank to continue to enjoy a comfortable lifestyle and the many fantastic amenities on offer at St George Wharf.
The shared ownership homes at St George Wharf are located in Aquarius House, the latest and most exciting phase. Some apartments provide views of the city skyline, while the iconic sights of the London Eye and the Houses of Parliament can be seen from the development. In the final phase, Notting Hill Home Ownership is marketing 18 two-bedroom and 10 one-bedroom apartments for shared ownership.
Homes are available from the eighth to the tenth floor and each contemporary apartment features ceramic floor tiles throughout the kitchens and bathrooms while living areas are fully carpeted. Kitchens come complete with all mod cons including high gloss units plus oven, hob and extractor hood, stainless steel splash back, washer dryer and fridge/freezer. The modern bathrooms feature white suites a thermostatic shower and a heated towel rail. All apartments benefit from either Juliet or private balconies. For peace of mind Aquarius House operates an audio entry system.
Aquarius House is right next door to the recently re-designed Vauxhall Cross underground, train and bus complex, a transport hub with connections to all areas of the capital and beyond.
St George Wharf is available to purchase through shared ownership (New Build HomeBuy). Anyone living or working in London is eligible, priority will be given to existing residents of Lambeth. For a one-bedroom apartment you must be earning at least £31,000 (single applicant) or £34,000 (joint applicants). For a two-bedroom apartment you must be earning at least £35,000 (single applicant) or £38,000 (joint applicants). Shares are available from 35% to 75%. Applicants will also need access to at least £3,000 to £4,000 to cover the cost of buying the home plus at least a 15% to 20% deposit.
Prices for a one-bedroom apartment range from £295,000 to £350,000 and from £380,000 to £450,000 for a two-bedroom apartment.
Shared ownership is the most affordable and flexible form of low cost home ownership on the market. The scheme offers eligible people the chance to buy between 25% to 75% of a property from a housing association and pay an affordable rent on the remaining share. The exact amount will depend on the scheme and the value of the property. According to the government’s Homes & Communities Agency (HCA – formerly the Housing Corporation) that funds the schemes, this is no more than 2.75% of the value of the rented part of the home. The beauty of shared ownership is that people can increase the share they own over time, known as staircasing, and ultimately own the property outright.
For further information and to register your interest, visit: nottinghillhousing.org.uk
