UK house prices are set to rise by 50%, meaning the average London house price could reach £931,000 by 2025, says new research by the National Association of Estate Agents, putting that all important first step onto the property ladder out of the reach of many buyers.
With Shared Ownership, a lot more of the London housing market is put into the reach of first-time buyers. It does that by allowing buyers to buy as little as 25% of a home, paying a subsidised rent on the remainder. A great example is Jessops Building, in New Providence Wharf, Docklands E14, where a selection of one and two bedroom apartments are available with the scheme, and where deposits can start from as little as £12,000 depending on income- a great way to make good use of a city bonus.
Shared Ownership residents can then increase their share at any time, all the way up to 100% and outright ownership. The scheme is specifically designed for first-time buyers whose household income is less than £71,000 a year.
The brand new apartments at Jessops Building offer spacious accommodation, with balconies to most apartments. Kitchens feature fitted units with integrated Bosch appliances, including dishwasher and washing machine, as well as granite worktops and chrome fixtures and fittings. The bedrooms are a generous size, and throughout the apartments, full height windows offer plenty of natural light.
Ideally placed for commuters, New Providence Wharf boasts a superb range of local transport options. Just a few minutes’ walk from the development is Blackwall DLR station, from where trains take you to Bank in 13 minutes and into Canary Wharf in six minutes, making the new homes ideal for City workers and commuters alike. Several bus routes also operate in the local area, with destinations including Trafalgar Square, Stratford and Highbury & Islington.
Just a few minutes’ walk away, Canary Wharf offers plenty of bars and restaurants and high-end shopping centre. Less than 30 minutes away from New Providence Wharf by tube is Westfield Stratford City, the largest urban shopping mall in Europe, boasting over 500 shops, a casino, bars and restaurants.
Across the river, the O2 Arena boasts one of the largest live venues, home to various sports and entertainment shows, as well as a choice of bars and restaurants, cinema and the famous Indigo2 nightclub. Closer to home, New Providence Wharf is becoming a destination in its own right. The area is bustling with an array of eateries and bars, hotels and leisure facilities, all in the shadow of Canary Wharf.
Prices at New Providence Wharf start from £118,750 for a 25% share based on the full market value of £475,000 for a one bedroom apartment.