A report by the Council of Mortgage Lenders has shown that there are around 200,000 households currently living in Shared Ownership properties across the UK, with the highest number of sales in the London[1]. One such buyer who has used Shared Ownership, Marco Liberace, 40, bought his first home with the scheme at Notting Hill Sales’ Royal Albert Wharf, at the Royal Docks in East London, for himself and his wife Olga, and their now four-month old daughter Agatha.
Marco, originally from Italy, and Olga are both architects, working in London. Marco, who works for Mount Anvil, was actually involved in the design of the properties at Royal Albert Wharf, which was a huge factor in his decision to buy there. Marco explains: “We were quite happy renting in North London, however, with the upcoming birth of our daughter, we knew we wanted to move somewhere with more space, and the fact that I had worked on this development and knew the high quality of the properties meant that when the apartments came onto the market, it was a great opportunity for us to buy, especially using Shared Ownership to reduce our initial mortgage borrowing and mortgage requirement.”
Marco continues: “Buying outright wasn’t really an option financially, but through Shared Ownership, we could afford to pull our savings into a deposit and then the rent and mortgage wasn’t that much more a month than we were previously paying when renting our small one-bedroom flat. We bought a 40% share of the two-bedroom apartment, which was £420,000 at full market value, and our mortgage for this share worked out at £170,000. The process of using Shared Ownership was easier than we thought it would be, we viewed the apartment in March and had completed the purchase by April. We plan in a year’s time, once Olga is back to work, to staircase, with the hopes of purchasing a further 20% share.
“A big draw for us was that the apartments are right beside the water, and being on the second floor, we have some beautiful views of the docks from our balcony. We loved the design and the space of the apartments, especially the open-plan layout and dual aspect, allowing lots of natural light into the rooms. My wife and I have an en suite bathroom and our daughter has her own room. The apartment definitely caters to our family needs.”
Talking about the location on the Royal Docks, Marco comments: “As the area is undergoing regeneration, we saw huge potential here. The location allows me to get to wherever I need to be, and I can get across London easily. I get on the DLR at Gallions Reach and travel to Canning Town where I can then carry on to the Jubilee Line. It’s ideal for my office in Hampstead, taking around 80 minutes in total. Good transportation is important for my line of work I have lots of appointments across the city.”
Looking towards his family’s future, Marco explains: “We have already started looking at nurseries and schools in the area, and there is actually a nursery at the University of East London which is only a couple minutes’ walk away. Agatha won’t be going for several months yet but it’s always good to look ahead!”
The spacious apartments offer open-plan living, with high-specification throughout. The kitchens are complemented by integrated Zanussi appliances, including an oven, ceramic hob, fridge freezer and a dishwasher. The bedrooms are fully carpeted, with fitted wardrobes in the master bedroom and many including en-suite shower rooms. All bathrooms profit from ceramic wall and floor tiling, white sanitaryware, Grohe mixer taps and shower heads, and chrome heated towel rails.
While the homes at Royal Albert Wharf benefit from a stunning waterside location, they further profit from an enticing range of dining establishments, cafes, bars, supermarkets and high street stores, all within close proximity. Nature lovers will delight at the selection of green spaces nearby, including Beckton Park, Royal Victoria Gardens, and the Thames Barrier Park. The regeneration of the Royal Docks will also bring new parks and intimate open areas in the future, offering residents the opportunity to escape from the hectic city life.
The homes are conveniently located for access to major transport links. Gallions Reach DLR and Cyprus DLR are both within walking distance, linking to Canary Wharf in less than 20 minutes, and Canning Town in 12 minutes. London Bridge can be reached in 22 minutes, and London Waterloo in 25 minutes, both via the jubilee line.
Through the Notting Hill Shared Ownership scheme, buyers can purchase between 25% and 75% of the property, paying subsidised rent on the remainder. Residents can increase their ownership share at any time, all the way up to 100%.
Prices start at £107,500 for a 25% share of a two-bedroom apartment at Royal Albert Wharf (full purchase price £430,000) and from £136,250 for a 25% share of a three-bedroom apartment (full purchase price £545,000). A selection of three bedroom triplex apartments are also available, priced from £151,250 for a 25% share of £605,000. For more information, contact Notting Hill Sales on 020 8357 4579, or visit the website: www.nhillsales.com