New year, new affordable homes in the Docklands

Published by Ashley-Rae for East Thames Housing Group in Housing and also in Communities

First time home buyers in Tower Hamlets can start their 2012 search anew with the release of Benedict Court - a brand new affordable development in the Isle of Dogs, Tower Hamlets.  Prospective buyers are invited to attend the scheme launch day Saturday 21 January.

Developed by local affordable housing group East Thames, Benedict Court includes five one bedroom apartments, including a wheelchair accessible flat on the ground floor, and two 2 bedroom apartments available for shared ownership.

Recent 2011 figures from the National Housing Federation* report that far too many workers cannot afford to buy a home on the open market with the average home in Tower Hamlets now costing a staggering 12 times the average income to buy.

Shared ownership offers first time buyers on low to moderate incomes, a quicker and more affordable alternative to getting onto the property ladder. Buyers purchase a share of the property, typically 25% to 75% of the property value, and pay a reduced rent on the remainder. Further shares can be bought later on so that shared owners can eventually own 100% of their property.

Wendy Hegarty, Head of Sales and Lettings at East Thames said:
“Benedict Court is a collection of well designed apartments in a prime Docklands location. Shared ownership is great product to help first time buyers get a foot on the property ladder and it often ends up being cheaper than renting. It is a popular choice for many and makes buying in a home in a sought after area a real possibility.”

The apartments come with brand new kitchen appliances and have their own balcony or outside terrace/patio space. The homes meet the Code for Sustainable Homes Level 4 – meaning they are far more energy efficient and sustainable than ordinary homes and should be cheaper to run.

These homes are ideal for London professionals looking for an easy commute to Canary Wharf and the City. And with the homes close to a superb selection of local shops, eateries, parks, leisure and entertainment venues this really is the best place to call home in 2012.

Find out more about these new homes and shared ownership at the scheme launch on 21 January. To secure your place contact 0845 600 0830 or email properties@east-thames.co.uk. Applicants must be registered with First Steps: www.firststeps.org and terms and conditions apply. Priority is being given to existing council or housing association tenants and armed forces personnel.

This is just one of a number of affordable housing schemes East Thames is completing in Tower Hamlets.  As the major regeneration of the Ocean Estate nears completion East Thames will have many more affordable homes coming online in the Stepney area later on this year. Visit www.east-thames.co.uk for more details.

*National Housing Federation’s 2011 Home Truths Report: The report details the house price in Tower Hamlets in 2010 as £345,850, 12.2 times the median income for the borough of £28,356, and one of the highest ratio of prices to incomes in the country. The National Housing Federation represents 1,200 independent, not-for-profit housing associations in England and is the voice of affordable housing. Their members provide two and a half million affordable homes for more than five million people.
http://www.housing.org.uk/idoc.ashx?docid=b9c40eb9-3a61-4c1d-8273-45a4a854138f&version=-1