An affordable way to buy a home in central London

Affinity Sutton is offering the chance to buy a one-bedroom apartment in Zone 1 with a deposit of £7,094.

A collection of apartments is now available at Central Street for shared ownership, whereby purchasers can buy as little as a 25 per cent share of a home.

Central Street comprises seven one and two-bedroom apartments, designed to suit a wide range of buyers from single professionals to new families. Each home within the contemporary apartment building comprises a high-specification kitchen with integrated appliances including a fridge/freezer and washing machine/tumble dryer, fitted carpets and private balcony.

The development is located on the corner of Central Street and the pedestrianised

Paton Street, within St Luke’s Conservation Area and within walking distance of Shoreditch and its vibrant mix of shops, vintage boutiques, bars and eateries.

Old Street and Angel underground stations on the Northern Line are just nine minutes’ walk away, while Barbican underground station, on the Circle, Metropolitan and Hammersmith & City line is 13 minutes away, providing excellent links across the city. From 2019, Crossrail services will run from Liverpool Street, further enhancing the fantastic travel connections available nearby.   

For families, Finsbury Leisure Centre’s sports pitches and the Radnor Street Open Space is just a five-minute walk from the development, while St Luke’s Primary School and Richard Cloudesley Secondary School are also within walking distance.

Through shared ownership, buyers purchase a share of the property (25 to 75 per cent) and pay a reduced rent to Affinity Sutton on the remainder. Residents then have the opportunity to buy more shares – a process known as staircasing - at a later stage, until they own 100 per cent of their home.

A 25 per cent share of a one-bedroom apartment is available at £141,875 (the full purchase price is £567,500). Similarly, shares for a two-bedroom apartment are available from 25 per cent at £195,000 (the full purchase price is £780,000). Buyers need a five per cent deposits of just £7,094 and £9,750 respectively.

Gemma Harris, Head of Sales at Affinity Sutton, comments: “While there are incentives out there to help first time buyers get on the property ladder, five per cent of the full purchase price of a home, particularly in London is still out of reach for many. Shared ownership makes owning your own home much more achievable and it often works out to be cheaper than renting, especially in fashionable areas of the city, such as Islington.”

According to Zoopla, the typical cost of renting a two-bedroom apartment in Islington is £2,695 pcm*, while mortgage repayment and rent on a 25 per cent share of a home at Central Street is just £1,824 per month.

For more information or to register your interest please contact Affinity Sutton on 0300 100 0303 or email: sales@affinitysutton.com.

Information on all Affinity Sutton developments is available on the website: http://www.affinitysutton.com/buy-a-home/

*March 2016 http://www.zoopla.co.uk/market/london/islington/