More local people snapping up Nine Elms affordable homes
Published: Friday 17th March 17
Glenn Horder, 44, is among the latest wave of Wandsworth residents to buy a new affordable home in the Nine Elms regeneration area.
He recently swapped his rented studio flat for a shared ownership home in the Riverlight development on Nine Elms Lane, and is loving life in this rapidly changing part of the borough.
Hundreds more shared ownership homes will be coming on the market in the coming months and qualifying Wandsworth residents get top priority if they sign up with the council’s Home Ownership team.
Glenn said: “I had been renting a studio above a shop on a busy road in Wandsworth and it wasn’t ideal. In London home ownership had never been an option for me as a single person, but when I investigated shared ownership with Wandsworth Council I found that it was affordable. I worked out that my outgoing costs would be the same as what as I was paying to rent my studio flat.
“I have been interested in Nine Elms since work began. Riverlight was a particular interest. I really like the architecture, so when I saw some of the properties were up for sale as shared ownership I was blown away. My new apartment is really attractive and there is a lot of light. It also has under-floor heating, and nice appliances. My balcony is spacious and I’ve got river views; I’m really impressed.
“The process of completing was smooth. Once I was approved by Wandsworth Council and Viridian I then got my mortgage. I wasn’t afraid to ask the council or Viridian for advice when things needed to be done. I moved in October and I’ve settled in nicely. I’d like to be involved with a residents’ association or something similar in the future. All in all, my new place is incredible.”
Glenn bought a 25 per cent share of a two bedroom apartment, with housing association Viridian owning the rest.
Shared ownership helps people who cannot afford to buy a home at full value by allowing a manageable stage-by-stage purchase. You can buy a share of between 25%-75% initially, and pay a discounted rent on the rest, with the chance to buy more at a later date.
There are more than 100 shared ownership properties in the Riverlight development, purchased by households with average total incomes from £45,000.
The council ensures that shared ownership homes built in Wandsworth are offered to households on incomes below the Mayor of London’s £90,000 cap. Unlike most councils, 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.
Wandsworth is also one of only a handful of councils that prioritise local people for shared ownership housing. Last year this meant that 96 per cent of these low cost properties were snapped up by buyers from the Brighter Borough or those who already work.
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’
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