New homes overlooking the Olympic Park in Stratford have been launched, a welcome arrival given the scarcity of new-build stock in the immediate area despite the £9 billion of investment that has been sunk into the Games.
What makes Artemis, comprising 84 affordable homes in Stratford High Street, special is the multi-tenure nature of the development. Apartments are available to buy outright, on a shared-ownership basis or they can be rented under housing association L&Q's UpToYou initiative, which offers 20 per cent discounts enabling people to save a deposit with a view to buying the same apartment later.
One-bedroom flats cost from £200,000 (£270,000 for two bedrooms). The minimum share you can buy is 35 per cent. Rents start at £750 per month.
UpToYou is a flexible option, particularly for young career professionals who expect to earn more in future. There are two categories: one for people with a household income of £12,000 to £25,000, and another for those earning between £26,000 to £60,000. The former allows people to move in and pay a subsidised rent and after five years progress to ownership.
Those in the higher income bracket can sign up for a standard market-priced assured shorthold tenancy and rent the property for an indefinite period. Or they can opt for a subsidised rent and choose to buy a share after six months. In this case, L&Q gives occupiers a five per cent "equity free" discount, or price reduction.
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Outside the Athletes' Village, where homes will be retro-fitted after the Olympics and released for sale and rent, the biggest local development is Stratford Halo. Looming over the main entrance to the Olympic Park, it has 704 homes in five buildings, including penthouses in a 43-storey tower.
Designed by architect Stock Woolstencroft, the latter is a striking "curvilinear" structure, crowned by a programmable LED light installation that illuminates and throws a halo around the building, seen for miles. Residents will have access to three triple-height communal sky gardens in the tower. A riverside promenade, park and children's play area are being created.
There will be 24-hour concierge services and underground parking. This scheme is also a mix of tenures.
Completion is due in spring next year and flats for outright sale and shared ownership can be bought off-plan now. Prices start at £212,500 (£53,125 for a 25 per cent share). Call 0845 600 4663 or visit genesishomes.org.uk.