New shared ownership homes at Nine Elms
Published: 7 September 2017
Find out more about new homes for shared ownership like these on 19 October, 2-8pm, in the town hall's Civic Suite.
Fifty-four new properties on a part-buy, part-rent basis are expected to launch in the New Year, beside Battersea Park.
As part of the Vista development at Chelsea Bridge, West View Battersea will be made up of one- and two-bedroom flats that will be sold and managed by Peabody housing association.
Overlooking the park and near Battersea Power Station, each apartment benefits from either a terrace, balcony or winter garden.
Buyers who live and work in Wandsworth will be prioritised. 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: “The Nine Elms area continues to see more and more shared ownership homes being built for local people, along with new Tube stations, green space, schools, health centres, and riverside paths where for decades it had previously been disused, no-entry industrial land.
“A shared ownership home can cost you less per month than renting, so as a first step on the housing ladder it’s advisable to register with the council for priority on new properties as they become available.”
Dick Mortimer, Executive Director of Development at Peabody, said: “We’re excited to launch these high-quality shared ownership homes in a fantastic location overlooking Battersea Park, close to the amenities of Chelsea and Sloane Square. Working closely with Wandsworth Council and our partners at the Berkeley Group, we’re helping local people on low and middle incomes achieve their dream of home ownership within the borough.”
The regeneration of the Nine Elms area in Battersea and Vauxhall is providing 20,000 new homes, with 4,000 for shared ownership and also for low cost rent which can start from 38% of market rates.
A £1bn upgrade to local services and transport infrastructure is also underway and will provide two new London Underground stations, two new primary schools, new health centres, a new cycle and pedestrian network and a new stretch of riverside walk.
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’
Interested in owning your own home, through shared ownership in Wandsworth? Check your eligibility at: www.wandsworth.gov.uk/sharedownership / email@example.com / (020) 8871 6161.
To register your interest for a home at West View Battersea, contact: (020) 7021 4842, but please note all applicants must be registered with Wandsworth Council before applying to purchase.
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