South London: New Flats and Shared Ownership In Nine Elms
The Nine Elms Vauxhall Partnership has just announced development plans for fifty-four new residential properties next to Battersea Park on a part-buy, part-rent basis to start this January.
The scheme by Vista Development at Chelsea Bridge and West View Battersea is to feature one and two bedroom flats that will be marketed and managed by Peabody housing association. The plan calls for each unit to have views overlooking the park and adjacent Battersea Power Station with terraces or a winter garden.
An infrastructure investment of £1 billion is being used to upgrade local services and transport infrastructure with two new London Underground stations, two new primary schools, new health centres, a new cycle and pedestrian network and a new stretch of riverside walk.
The plan calls for local residents to have priority once the units are completed and the Wandsworth Borough Council ha established an organisation to guarantee the new shared ownership is offered to local residents. The shared ownership allows residents to part-buy and part-rent with below market rent on the portion not owned.
Shared ownership works on a part-buy, part-rent basis, with buyers paying a below-market rent on the proportion of the property they don’t own. A deposit on the value of what percentage is being purchased is the only requirement which means a 5% deposit for a 25% share equates to a 1.25% deposit for the total property value. Legal and moving costs are absorbed by the buyer with a monthly fee to a housing association along with the monthly mortgage payment.
One method of increasing ownership is ‘staircasing’ which allows the buyer/owner to increase the share owned for example if you own 25% you could increase to 50% and eventually own 100% of the property.
The results in 2016 had 90% of of homes bought in the borough through the shared ownership scheme.
The partnership reports Cllr Clare Salier, Cabinet Member for Housing, as saying :
“The Nine Elms area continues to see more and more shared ownership homes being built for local people, along with new Tube stations, green space, schools, health centres, and riverside paths where for decades it had previously been disused, no-entry industrial land.
“A shared ownership home can cost you less per month than renting, so as a first step on the housing ladder it’s advisable to register with the council for priority on new properties as they become available.”
Also speaking of the new plans Dick Mortimer, Executive Director of Development at Peabody, said:
“We’re excited to launch these high-quality shared ownership homes in a fantastic location overlooking Battersea Park, close to the amenities of Chelsea and Sloane Square. Working closely with Wandsworth
“Council and our partners at the Berkeley Group, we’re helping local people on low and middle incomes achieve their dream of home ownership within the borough.”
Should you have an interest for a home at West View Battersea, contact: (020) 7021 4842, but please note all applicants must be registered with Wandsworth Council before applying to purchase.
The Nine Elms Vauxhall Partnership, co-chaired by the Wandsworth and Lambeth council leadership was created in 2010 to help in the transformation of the entire Central District of London including the £1 billion infrastructure upgrades.