New year, new affordable homes for Waltham Forest
Published by Ashley-Rae for East Thames Housing Group in Housing and also in Communities
First time home buyers in Waltham Forest can start their 2012 search anew with the release of Frederic Street - a brand new affordable development in the heart of Walthamstow. Prospective buyers are invited to attend the scheme launch day Saturday 28 January.
Developed by local affordable housing group East Thames, Frederic Street comprises of 11 two bed apartments, including a wheelchair accessible flat on the ground floor, and one 1 bedroom apartment which are all 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 Waltham Forest now costing around ten times the average income to buy.
Shared ownership offers first time buyers 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:
“Frederic Street is a collection of well designed apartments conveniently located in central Walthamstow. Shared ownership is a 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 a home in a sought after area a real possibility.”
At Frederic Street first time buyers can purchase a 25% share in their home from as little as £37,500 for a 1bed, or £47,500 for a 2bed, flat. The apartments come with brand new fitted kitchens and integrated 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.
The homes are on the doorstep of the bustling Walthamstow Market, close to a superb selection of local shops, eateries, parks, leisure and entertainment venues. With an attractive landscaped garden waiting to be enjoyed these homes are ideal for small families, or young couples looking to start a family.
This is one of seven developments by East Thames in the borough transforming unused garage sites into affordable homes. At the other end of Walthamstow Market, East Thames is developing ‘The Drive’ which will bring a further 10 shared ownership apartments in March. Visit www.east-thames.co.uk for more details.
Find out more about these new homes and shared ownership at the scheme launch on 28 January. To secure your place contact 0845 600 0830 or email firstname.lastname@example.org.
Frederic Street homes are now available from:
£150,000 one bedroom apartment - pay only £37,500 for 25%
£190,000 two bed apartment (wheelchair accessible) - pay only £47,500 for 25%
£192,500 two bedroom apartment - pay only £48,125 for 25%
Applicants must be registered with First Steps: www.firststepslondon.org.uk and terms and conditions apply. Priority is offered to existing council or housing association tenants living and working in Waltham Forest.