Nine one- and two- bedroom flats are expected to be ready to launch soon in Falcon Road. They will be prioritised for people living or working in Wandsworth.
The new homes will be managed by Thames Valley Housing association, and the development is in easy walking distance of Clapham Junction station’s rail, bus and London Overground connections.
Wandsworth has a dedicated team to ensure new shared ownership homes are offered to residents or workers in the borough - last year 90% of shared ownership housing was bought in this way.
Shared ownership works on a part-buy, part-rent basis, with buyers paying a below-market rent on the proportion of the property they don’t own.
You only pay a deposit on the value of the percentage being bought, so a 5% deposit on a 25% share works out as a 1.25% deposit on the total property value.
Cllr Clare Salier, Cabinet Member for Housing, says, “Shared ownership can cost less every month than renting, so it makes sense to register with the Council to find out more and get priority on new homes."
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’