A gem of a development in Harrow
Today’s first-time buyers face the same irony: they lack the capital to purchase a property, yet monthly rents can be more expensive than monthly mortgage repayments. Luckily Emerald Green, Octavia Housing’s gem of a development in Richard’s Close, Harrow, offers the best of both worlds.
The average rent for a one-bedroom flat in Harrow – one of the most desirable areas of North London – is £766 per month*. Thanks to Octavia Housing’s part-ownership scheme, under which buyers purchase a minimum 25 per cent share of a property and pay rent on the balance, the cost of a one-bedroom apartment at Emerald Green is expected to be just £690.87.
This figure is based on the projected outgoings on one of Emerlad Green’s ground-floor, one-bedroom apartments, with a full market value of £170,000. The mortgage necessary to purchase the minimum 25 per cent share of the property (worth £42,500) is estimated to cost £308.68. The monthly rent, calculated at 2.75 per cent of the £127,500 balance, will be £292.19. Add to this an estimated £90 per month service charge and the monthly outgoings come to £690.87 – a saving of £75.13 per month compared with renting.
Thus buyers can benefit from the lower monthly outgoing costs and the security and investment of ownership while avoiding the substantial capital outlay required for buying outright. And that’s not the only way Emerald Green’s residents will be saving money: the development’s environmentally friendly design will also help to keep energy and transport costs down.
Emerald Green’s apartments feature energy-efficient lighting, bicycle storage facilities, space for drying clothes, space for a home office, solar-powered hot water and central heating systems (with mains-powered back-up) and rainwater harvesting. All this has the potential to cut energy and commuting costs, while Harrow’s superb public transport links – including 11 tube stations and three mainline stations – further reduce travel expenses.
Andy Warman, Assistant Director at Octavia Housing, commented: “Affordability should not be judged solely on how much a property costs to buy: ongoing expenses are vital to whether property ownership is truly viable for the buyer. We are proud that Emerald Green not only provides affordable entry to the housing market for first-time buyers but also helps to prevent them biting off more than they can chew financially.”
Apartments at Emerald Green cost from £42,500 – 25 per cent of a one-bedroom property’s £170,000 market value. Two-bedroom apartments cost £56,250, or 25 per cent of the market value of £225,000 – remarkable value in such a popular area where the average price of a flat is around £200,000, especially given that at Emerald Green each apartment has its own balcony and comes with a fridge-freezer, oven, hob, extractor hood and mains-powered smoke alarm.
Emerald Green’s choice of four styles of apartment – two one-bedroom, two two-bedroom – offers something to suit everyone, from first-time buyers to downsizers. The location has been carefully chosen. Neighbouring allotments provide an attractive backdrop for the two three-storey buildings, Abigail House and Ewart House, both designed for maximum style but minimum impact on this peaceful residential neighbourhood.
For sales information, visit: stagnellfox.co.uk
*according to nestoria.co.uk
