The 12 shared ownership apartments in this exciting Canary Wharf development will be launching soon.

Network Homes @ 45 Millharbour offers a mix of 1, 2 and 3 bedroom apartments in a dockside location that boasts excellent transport links, with Crossharbour DLR station less than ¼ mile away. This development offers the opportunity to live in one of London’s most vibrant locations, offering a wide array of shops, bars and restaurants.

The development will be available to applicants living or working in the Borough of Tower Hamlets. Prices will be released soon.

To register your interest please visit our website or call 0207 704 5618 and speak to one of the shared ownership team.

 

With the general election this week, we’re taking a look at the three main parties’ housing proposals. All are promising initiatives to alleviate pressure on prices, although whether any will be enough to address the fundamental imbalance between supply and demand remains to be seen. This shortage of supply, especially in London and the South East has fuelled the dramatic house price growth over the last twenty years, especially in London.

Perhaps what is needed is for the position of housing minister to return to being a cabinet post with its own department, as it was from 1951-1970 (the Ministry of Local Government and Housing), rather than being part of Communities and Local Government as it is today. Although we are unlikely to see a return to the large-scale government house building programmes of the post-war period, giving the housing minister a seat at the cabinet table would indicate a commitment to resolving what is generally accepted is a ‘broken’ housing market.

The parties’ main proposals are:

Conservative

  • Stabilise house prices by building 1.5m new homes by 2022
  • Reform Compulsory Purchase Orders (CPO’s), to allow councils better access to land that could be built on
  • Encourage landlords to offer long tenancies as standard & increase security of tenure for “good tenants”
  • Provide funding to selected “ambitious, pro-development councils” to build council housing stock
  • Give housing associations greater flexibility to increase their housing stock

Labour

  • Build 1m homes by the end of the parliament, through a newly established Department for Housing
  • Guarantee the funding for the Help to Buy scheme – which ended in 2016 – until 2027
  • Make three-year tenancies “the norm”
  • Build 100,000 new council homes and Housing Association homes across the UK
  • Cap rent rises at the rate of inflation

Liberal Democrats

  • Build 300,000 homes a year by the end of their term, in part by allowing councils & Housing Associations to borrow more
  • Create £5bn of funding through a newly set up British Housing and Infrastructure Development Bank
  • Give local authorities the power to fine those holding onto land that could be built on
  • Promote longer tenancies with an inflation-linked annual rent increase
  • Introduce a Help to Rent scheme to provide loans to help first-time renters under 30 with a deposit
  • Ban lettings fees for students

The number of adults aged 25 to 34 living with their parents in the UK is set to grow further if property prices keep rising, according to a new study. This demographic has already risen by 37% over the last ten years, largely due to rising property prices. The average price in London has risen by 72% to £471,742 over the last decade, with prices in the South East up 41% to £311,514.

If this trend continues it will place increasing pressure on home ownership because owners will remain in their homes (along with their adult offspring) rather than downsize. This will in turn exacerbate the shortage of family homes.

Increasing numbers of first-time buyers are now realising that shared ownership can offer them an alternative route to home ownership, even if they have a relatively small deposit. Buyers can for example, start with a 25% share in a property and increase this to full 100% ownership over time.

Eligibility for the shared ownership is dependent on income; with a maximum household income of £90,000 in London and £80,000 elsewhere in the UK. Most schemes also operate an allocation process with requirements such as where the buyer lives and/or works. In most cases the purchaser must also be a first-time buyer.

Currell is a leading player in the shared ownership market across London and the South East. We sell a wide range of shared ownership homes, and can help make the complex procedure of buying a new home into a seamless process.

Shared ownership properties often form part of a larger development, and are sold alongside private market homes. Currell recently sold apartments of both types in the Great Eastern Building in Hackney E8, pictured above.

If you are interested in buying a shared ownership property why not take a look at the homes currently available on our website or to find out more contact a member of sales team on 020 7704 5618 or email sharedownership@currell.com

There are still a few tickets left for next Tuesday’s NPSCC Literary Lunch. This popular annual event, which includes a two-course lunch and a features a guest speaker, will be held at the newly opened Radici restaurant opposite the Almeida Theatre.

Meg Rosoff was educated at Harvard and St Martin’s College of Art in London, and worked in New York for ten years before moving to England in 1989. She worked in publishing, journalism, politics and advertising before writing How I Live Now in 2004. Since then, she has won or been shortlisted for 22 international book prizes.  Her most recent works are Jonathan Unleashed for adults, Beck with Mal Peet for teens and Good Dog McTavish, her debut novel for pre-teens.

Tickets are £45 including lunch & wine and can be reserved by contacting Alison Samuel at alison@samuel-family.co.uk or call 07973620372, or Sarah Curtis s.curtis@currell.com on 020 7226 4200. The lunch is on 23rd May, from 12 noon to 2.30.

Currell is a long-term supporter of the NSPCC. The main sponsor of this year’s Literary Lunch is Joelson.

Wadeson Street, E2 is a unique development of nine 1,2 and 3 bed contemporary flats with a high-quality specification.  All the flats have balconies and benefit from access to the communal roof garden on the 4th floor, that offers panoramic views of the London skyline.

This niche development is in an ideal location, close to many of Hackney’s bars, shops, restaurants and amenities, and only a 10 minute cycle from the City. Fashionable Broadway Market and London Fields are a stone’s throw away (about 5 minutes on foot) and the renowned Bistrotheque restaurant is literally on your doorstep.

Cambridge Heath Overground station (a 3 minute walk) and Bethnal Green Underground (a 10 minute walk) both offer fast direct journeys to Liverpool Street, taking 8 and 3 minutes respectively. In addition, the North and East London Overground lines can be accessed via Haggerston and Hackney Central stations, both less than a mile from the development.

There are numerous bus services from the nearby stops on Mare Street, and for cycling enthusiasts there are two Santander Cycle docking stations within a 5 minute walk of the apartments.

The apartments, which will be priced from £650,000, are launching on 24th May.

RSVP TO BOOK A PLACE

For more information about the development please contact a member of the new homes team by email or phone: newhomes@currell.com or 020 3826 4888 or email

The homes at The M Collection are inspired by traditional Kentish design and boast generous private outdoor space. The contemporary interiors feature Heart of Medway’s signature high-end specification.

 

The homes at The M Collection are inspired by traditional Kentish design and boast generous private outdoor space. The contemporary interiors feature Heart of Medway’s signature high-end specification. 

This Saturday 11th May sees the launch of the M Collection at Langley Park in Maidstone. The M Collection comprises 20 one, two and three bedroom apartments, houses & coach houses available for shared ownership.  The development is conveniently located just four miles from the centre of Maidstone.

The M Collection forms part of the highly anticipated second phase at Langley Park, a bespoke new community in its own right.  Once complete the site will include a new primary school, shops, public house, cafes and plentiful green open space.

This phased release will begin with 8 one, two, and three bed houses with prices starting from £85,000 for a 40% share of the one bedroom houses.

With its close proximity to Maidstone, Langley Park residents can enjoy easy access to the M20. Direct rail services from Maidstone West station offer journeys of just under an hour to Kings Cross St Pancras.

If you would further information on the development please visit our website or call 0207 7045618 and speak to the Shared Ownership Team.

 

The mortgage war between lenders reignited last week. HSBC has retaken pole position in the best buy tables for mortgages launching a five year fixed rate of 1.69% for those who have a minimum of 40% deposit.  The loan carries a fee of £999 which is lower than many typically tied to an ultra-low deal such as this.

The only other deal that comes close is from Yorkshire Building Society, which offers a two year discounted variable rate of 0.89% to those with a 35% deposit.  However, it comes with a substantial arrangement fee of £1,495.

Lenders are fighting for new business and the above rates demonstrate this.  However, the high deposit levels required will be a barrier to many first-time buyers.  With uncertainty around Brexit negotiations, many buyers are holding out for rates to dip further.  However, most brokers are in consensus that rates are close to the bottom of where they can feasibly go.

The high deposit levels required mean that the bank of mum and dad is playing an increasingly important role. According to new research from Legal and General in association with CBRE, this year parents are expected to lend £6.5 billion, contributing to more than 2980,000 mortgages and accounting for 26% of all property transactions. This is a 30% increase on the £5 billion loaned in 2016.

Across the UK the average of borrowing from mum & dad currently stands at £21,600 with the amount borrowed in London at £29,400.

To put these figures another way, the bank of mum & dad is now the 10th biggest lender in the UK.

Whether or not this is sustainable, it is symptomatic of the ‘affordability’ problem, exacerbated by the shortage of new homes, especially in London. Kate Faulkner, author of Which? Property book states:

“We must remember that the increasing use of the bank of mum and dad is a symptom of the lack of housing in the UK not the solution, so we need to build enough homes to match population growth.”