More affordable homes now on sale in Nine Elms
Published: Wednesday 12th April 17
Working with developer Taylor Wimpey and Paragon Community Housing Ltd, the council has secured another ten shared ownership homes in Nine Elms.
The new part-buy, part-rent properties are within the Battersea Quarter development on the corner of Queenstown Road and Battersea Park Road, with existing Wandsworth residents and workers getting priority over buyers from outside the borough.
To see if you qualify for shared ownership housing visit www.wandsworth.gov.uk/homeownership or contact the council’s dedicated homeownership team to find out more.
Cllr Paul Ellis, cabinet member for housing, said: “The revival of Nine Elms is creating thousands of new affordable homes and the council ensures local residents and workers get priority when they come up for sale. If you are a frustrated first-time-buyer stuck in private rent accommodation or living in the family home, then these properties could be for you.”
Shared ownership housing 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 and 75 per cent initially, and pay a discounted rent on the rest, with the chance to buy a larger share at a later date.
Unlike many councils, Wandsworth ensures that shared ownership homes are offered to households on incomes below the Mayor of London’s current salary cap of £90,000. Wandsworth sets a range of maximum household income levels, starting at £46,000, 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 here.
Battersea Quarter has been created as a result of Taylor Wimpey Central London’s Battersea Exchange development, which will deliver new homes and create a vastly improved public realm that offers a new pedestrian route linking Queenstown Road and Battersea Park train stations, a landscaped public square, and new office and retail space within restored railway arches.
As part of the development, Taylor Wimpey Central London has also provided a brand new state-of-the-art school building, for St Mary’s Roman Catholic Primary School, that features a rooftop games pitch. The new facility means St Mary’s will soon be able to increase capacity from one-form to two-form entry.
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’
More about new housing in Wandsworth:
· Last year, 486 homes for shared ownership and low cost rent were built in Wandsworth, the second highest amount among the London boroughs.
· A survey of 736 private renters in Wandsworth showed that two thirds want to buy a home but could not afford open market prices.
· Wandsworth Council is piloting a ‘do it yourself’ shared ownership scheme, enabling local people, chiefly from in social housing, to buy a share of a home on the open market
· Last year the average affordable rent home built in Wandsworth was offered to a local household at around 50 per cent of the average local market rent for the borough, well below the Mayor of London’s 80 per cent limit
· Mayor of London, Sadiq Khan, referred to Wandsworth Council as a ‘fantastic example’ of local authority housebuilding during the Mayor’s Question Time of 19 October, 2016
· Wandsworth’s pioneering Hidden Homes programme has built more than 250 new council homes on under-used sites such as vacant garages, making use of 100 per cent of proceeds from Right to Buy sales of council homes, and the scheme has since been copied by other local authorities
· Construction is under way in Battersea on 57 new Hidden Homes, the first of 300 planned for the next three to five years
· Wandsworth financially supports council tenants to buy a home on the open market or through shared ownership, which frees up housing for local households in need. Last year saw a ten-year high in the numbers taking up the scheme, freeing up dozens of homes for families in need and saving £2.8million in temporary accommodation costs
· More than 3,000 new homes for shared ownership, social renting, low cost rent, market rent and for sale are to be built by the council and partners at two major estate regeneration schemes in Battersea and Roehampton which guarantee newly built homes for all council tenants, leaseholders and freeholders on their estates
· The council’s housing strategy target is to ensure a minimum of 18,000 homes are built in the borough during the next ten years· Wandsworth has launched a Right to Part Buy policy, which enables council tenants to buy a share of their home