Shared ownership holds the key for locked out millennials

Four The Atrium Show Apartments 109With recent reports claiming that deposits for first-time buyers in the capital could rise as high as £250,000 in the next decade, buying a home in London may appear nothing more than a pipedream for most millennials. 

But through shared ownership – the scheme which enables buyers to purchase a share of a home, while paying a low rent on the remaining share - only a 5 per cent deposit is required. So at Clarion Housing Group’s stunning East City Point this equates to around £6,000.

East City Point is ideally located at the heart of some of London’s most dynamic districts, including Canary Wharf, Stratford and the City.  Buyers can get a 25 per cent share of a two-bedroom duplex at this Canning Town scheme for £120,625, with a full market value of £482,500.  

Tim Seward, Director of Sales and Marketing for Clarion Housing Group said: “Raising a deposit of £140,000 is already unachievable for most buyers and if deposits are to rise by 75 per cent in London, as predicted, then it’s no wonder so many young people are resigned to a lifetime in rental accommodation.    

“But thanks to shared ownership, home ownership in the capital is perfectly achievable. At Clarion we are passionate about helping and supporting those people who are being failed by the broken housing market, so we are delighted to offer this scheme.”

At Ironworks, in New Cross, buyers could get on the ladder with a deposit of £11,500. Clarion is offering a 30 per cent share of a one-bedroom home for £115,500, with a full market value of £385,000.

Built on the site of the historic Hatcham Iron Works on Pomeroy Street, the modern apartments combine contemporary interiors and flexible open-plan layouts with economical design features.

The development is situated between New Cross and Queens Road, Peckham railway stations, so ideal for both train stations with direct links into London.

For more information buyers should call the sales team on 0300 100 0309, email sharedownership@clarionhg.com or visit www.clarionhg.com/sharedownership