50 more are being built at Wandle Housing Association’s Battersea Reach site
36 new shared ownership flats at Viridian’s Arcadia development, on the Putney/Wandsworth border, are expected to be ready in the coming weeks, and further along the river, 50 are being built at Wandle Housing Association’s Battersea Reach site.
A total of 790 new shared ownership homes are expected to be built across Wandsworth in the next three years, and local people are being urged by the council to make sure they get priority.
Wandsworth Council say that unlike most authorities, they have a dedicated team to ensure new shared ownership homes are offered to people with a genuine local connection before anyone else can apply.
Last year this meant that 96 per cent of these low cost properties were snapped up by buyers from Wandsworth or those who already work here – to sign up, contact the Home Ownership team or find out more here.
The council also claim that they ensure that shared ownership homes are offered to households on incomes below the Mayor of London’s £90,000 cap. Wandsworth sets a range of maximum household income levels, between £46,000 and £90,000, to ensure lower earners can also get on the property ladder.
Buying on a shared ownership basis is a first step onto the property ladder and there are hundreds more of these lower cost homes now being planned and built across Wandsworth.
Cllr Paul Ellis, Cabinet Member for Housing, said, "Shared ownership is a great way for people on lower and middle incomes to get onto the housing ladder, and hundreds of new shared ownership homes are being built in Wandsworth with them in mind.
“Buying your first home can be a nerve-racking process and our dedicated Home Ownership team - which is unique in London - is there to help and advise buyers from the word go."
How does shared ownership work?
• You can buy a share of a property, using a smaller deposit, proportional to the share being bought
• You would also need to pay the legal fees and moving costs
• You then pay a monthly rent and service charge to a housing association, and a monthly mortgage repayment
• Over time you could increase the share you own, eg from 25% to 40% and up to 100%: a process known as ‘staircasing’
To see if you’re eligible visit www.wandsworth.gov.uk/homeownership or email firstname.lastname@example.org
January 18, 2017