A fast-track to more affordable homeownership in London
Shared Ownership Week returns from 23 – 29 September for its ninth consecutive year, with one simple aim - to provide prospective homebuyers with comprehensive information about how this popular ‘part buy part rent’ scheme can offer the ideal solution for homeownership in London. James Munson, Head of Marketing for Notting Hill Genesis discusses how Shared Ownership is playing a vital role in helping first time buyers achieve their dream of buying a property in the capital – affordably.
Notting Hill Genesis has been providing affordable homes for Londoners for more than 50 years, and the Shared Ownership scheme has been a huge part of where we are today. The scheme itself has provided a welcome option for those who want to buy their own home whilst also helping to bridge the affordability gap. However, more still needs to be done to educate people about the benefits and dispel the many myths that surround it and continue to bring it into the mainstream – so Shared Ownership Week presents us with a fantastic opportunity to get plenty of clear and straightforward information out to a lot of people at one time.
Shared Ownership increases purchasing power for first time buyers by lowering the deposit amounts that buyers need, which is great for people who are not in a position to save large sums of money every month – like families or renters, or those who don’t have access to a ‘Bank of Mum and Dad’ or financial support from family or friends that can help them to buy a home. In 2020, Halifax revealed that deposits for a property in London are now at record levels, standing at double the national average equating to 24% of the property asking price – this is where Shared Ownership comes into its own, by lowering that deposit amount down to just 10% of the share purchased (based on current mortgage deals available), not the full market value.
Heron Quarter at Woodberry Down CGI
A perfect example of this in action is at our popular Shared Ownership scheme Heron Quarter at Wooderry Down. Set within the vibrant north-east London borough of Hackney, purchasers here can buy a 25% share of a super stylish one-bedroom apartment, using a 10% deposit of £10,625, which is more than £30,000 less than buying the same property on the open market. This gives buyers an opportunity to live in a stunning Zone 2 location that is not only sought-after but would likely be out of reach for most first-time buyers without the availability of Shared Ownership.
Royal Albert Wharf living room and patio
Another one of our hugely successful Shared Ownership developments that is an ongoing success story for a range of different buyers – from young families, working professionals, couples and single buyers is Royal Albert Wharf. Located within one of east London’s most exciting emerging districts, London’s Royal Docks, this scheme has piqued the interest of purchasers who want to invest in a home that will form part of a growing community and an exciting new neighbourhood that enjoys an overland commute into London on the DLR, as well as plenty of open space and riverside walks along the River Thames. The outstanding waterside setting, range and specification of one, two-and three-bedroom homes available to buy and the exciting prospect of this area coming to life as it develops, make this somewhere you want to call home so that you can be a part of it. Homes in this part of London can mean having to find deposits in the region of £60,000 for a three-bedroom property, whereas buying a Shared Ownership home with Notting Hill Genesis significantly reduces this figure to £12,375 – a much more attainable goal for those looking to start their homeownership journey.
Royal Albert Wharf living room with river views.
The Shared Ownership scheme has evolved since its launch in the late 1970’s, and now as a housebuilder we have an additional responsibility to provide homes that are both affordable and uncompromising – something Notting Hill Genesis is very passionate about. We aim to deliver homes that vary in size and layout to suit the different needs of our buyers, with attention to detail in our specification and in great locations. All of our homes are built to a high standard, balancing space and practicality, sustainability, affordability and more as we learn about and consider what our buyers want from their homes and factor that into design.