Hackney is one of the great success stories of the housing market recovery, with average property prices up 21.5 per cent in the last year according to the Land Registry — one of the biggest leaps in England and Wales.
Of course, this is marvellous news for home owners in east London who can once again dominate dinner party chatter with tales of the great riches that are now theirs thanks to rising values. For Generation Rent, though, an average house price of £540,591 appears to put dreams of buying a starter home in this particular borough out of reach.
However, there is now a chance to live in Hackney from less than £80,000. Housing association Family Mosaic has 15 homes at Oak Wharf, in Stamford Hill, available to Londoners on lower incomes.
Prices start at £71,750 for a 35 per cent share in a one-bedroom apartment with a full market price of £205,000. Two-bedroom flats start from £99,750 for a 35 per cent share of a property worth £285,000, while £147,000 buys 35 per cent of a maisonette with a full market value of £420,000.
“With Hackney’s house prices dramatically increasing over the last year, it is important that local residents are not priced out of home ownership,” says Dick Mortimer, group director of property services at Family Mosaic.
“The new homes at Oak Wharf offer an opportunity for local renters to make that difficult first step on to the property ladder in Hackney.” The development backs on to the River Lea, with Walthamstow Marshes and Markfield Park up the road and the Walthamstow Reservoirs, due to be regenerated into a huge wetland nature reserve, on the doorstep.
The nearest railway station is Stoke Newington in Zone 2, just under a mile away, which offers services to Liverpool Street in just over 15 minutes. Seven Sisters Tube station, in Zone 3 and on the Victoria line, with services to central London, is a mile away.
- Visit www.familymosaicsales.co.uk/oak-wharf for more details.
Left: Oak Wharf, Hackney. Right: Lavender Gardens, Mitcham
PUT DOWN ROOTS IN MERTON’S LAVENDER GARDENS
Prices are not spiralling quite so fast in Merton, but with an average of £421,317, up 14.4 per cent in the last year, they are still excluding many young residents from getting on to the housing ladder.
Housing association L&Q has 16 homes up for grabs at its Lavender Gardens development in Seaton Road, Mitcham, priced from a much more pocket-friendly £69,000 for a 30 per cent share in a one-bedroom property with a full market price of £230,000.
Buyers could alternatively opt to buy a 30 per cent share in a two-bedroom property with a full market price of £275,000, for £82,500.
From £69,000: 30 per cent of a one-bedroom flat in Lavender Gardens, Mitcham. Through L&Q housing association
The area is served by tram towards Croydon or Wimbledon, and by the Tube’s Northern line from Colliers Wood, less than a mile away and in Zone 3.
The green space test is passed thanks to the development’s proximity to Mitcham Common, while the district is in the throes of earning itself a “village” epithet, with a growing number of local cafés, boutiques and gastropubs.
- Visit www.lqgroup.org.uk for further information.