First-time buyers on a budget usually have to compromise hard to take their place on the housing ladder, particularly when it comes to location.
But two new shared ownership launches will give young buyers the chance to make a home in a seriously fashionable postcode, whether their tastes are edgy or more refined.
Next month, the One Housing Group (onehousinggroup.co.uk) will launch two shared ownership schemes in Hoxton and Battersea — both areas not exactly flush with subsidised housing opportunities.
A Hoxton address for less
One Housing Group has eight flats in Orsman Road, Hoxton, priced from £109,000 (for a 40 per cent share of a property with a full price of £272,000). Two-bedroom homes start at £152,000 (for 40 per cent of the full price, which is £382,000).
The development has a total of just 16 flats (the remainder are reserved for social rent) and the homes are built around a pretty walled garden. Climbing plants will trail its balconies once it is completed, giving a pleasing urban oasis effect.
The flats are around ten minutes’ walk from Hoxton High Street, packed full of clubs, bars, galleries, restaurants and independent shops. London overground trains from Hoxton give a direct link to both Canary Wharf and Islington, and easy journeys to the City.
“This particular area on the City fringes is one of the most up and coming areas of London,” said Matthew Saye, assistant director of home ownership services at One Housing Group.
“It has become a very lively, fashionable part of London and this scheme is well placed for all the venues and nightlife in the area. Brick Lane is pretty close, and the Regent’s Canal is a four-minute walk from your front door, so you can be walking or cycling down the tow path very easily.”
Battersea Park Road
For buyers with more uptown ambitions, One also has 18 flats in a new scheme in Battersea Park Road on offer, priced from £76,250 (for a 25 per cent share of a home priced at £305,000) for a one-bedroom flat.
Two-bedroom flats start at £88,750 (a 25 per cent share of a £355,000 home) and three-bedroom flats start at £128,750 (for a 25 per cent share of a home with a full price of £515,000).
The beauty of this location is that it is five minutes’ walk to Battersea Park — and when the long-awaited redevelopment of the Battersea Power Station is complete, residents will have all its planned shops, cafes, restaurants and cultural facilities virtually on their doorstep.
It is close to Nine Elms, where billions of pounds are being spent on a new American Embassy and thousands of flats, plus stacks of shops and facilities.
It is also a 12-minute walk to Clapham Junction station, for speedy links to central London by train or Tube. And the delights of Chelsea are a quick, and very pretty, walk over the Albert Bridge.
“Battersea is already considered a good place to live, and over the next few years it is really going to live up to its potential,” predicted Saye. This is another small scheme — as well as the shared ownership homes there will be 30 flats sold privately. Both developments will be move-in ready at the end of April.