New shared ownership homes becoming available near Clapham Junction
Published: Thursday 10th August 17
Nine one- and two-bedroom flats are expected to be ready to launch soon in Falcon Road, Battersea, prioritised for people living or working in Wandsworth.
Architect's impression of the development
The new homes will be managed by Thames Valley Housing association, with the development in easy walking distance of Clapham Junction station’s rail, bus and London Overground connections.
Unlike most councils, 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, said: “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.
“Wandsworth continues to see a steady stream of new shared ownership properties being built in the borough, in part because the council enables development to proceed.”
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 Wandsworth Council and housebuilding:
- Through the council’s own housebuilding programme, construction is under way all over Wandsworth including in Tooting, and near Wimbledon Common, and at three sites in Battersea, with hundreds more on the way
- Cllr Ravi Govindia, Leader of Wandsworth Council, is a member of the Mayor of London’s Homes for Londoners Board
- 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
- 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 Wandsworth during the next ten years