Lots Waterside Apartments gives first-time buyers a foot up on the housing ladder
A new scheme is helping first-time buyers to own their own home.
Clarion Housing, the UK’s largest social landlord, is offering residents in west London a unique opportunity to get on the housing ladder in one of the capital’s most prestigious postcodes.
Located in Chelsea on the River Thames, Lots Waterside Apartments is a collection of high quality one-, two- and three-bedroom apartments which are available through the ‘Shared Equity’ programme.
The scheme, which was previously known as Discount Market Sale, enables first-time buyers who are unable to afford to buy outright the opportunity to secure a percentage of a new home using a mortgage. The remaining equity is owned by the local authority.
Unlike shared ownership schemes, purchasers taking advantage of this low-cost home ownership product will not pay rent on the share of the property they do not own. Should a purchaser wish in the future to sell their share, it will be sold at the same percentage that was purchased.
“At Clarion we understand that in order to meet the housing crisis we need to provide a wide variety of housing solutions.”
Tim Seward, Director of Sales for Clarion Housing
Prices for a 25 per cent share of a one-bedroom apartment start at £160,000 and a 25 per cent share of a three-bedroom apartment from £249,000.
To qualify for home at Lots Waterside Apartments, buyers will either need to live or work in Hammersmith and Fulham and cannot earn more than £90,000 a year.
Tailoring housing to the needs of local residents
Tim Seward, Director of Sales for Clarion Housing, said:
“At Clarion we understand that in order to meet the housing crisis we need to provide a wide variety of housing solutions and our approach must be tailored to meet the needs of the local area."
“Lots Waterside Apartments offers west Londoners who are struggling to buy outright an affordable route into homeownership."
“This development will undoubtedly be popular due to the high specification of the homes and its desirable location.”
These 85 Shared Equity homes form part of the wider Chelsea Waterfront development on the former Lots Road Power Station site.
For more information buyers should visit www.lotswaterside.co.uk