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Wandle backs down over £100,000 price hike on shared ownership properties

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Wandle backs down over £100,000 price hike on shared ownership properties

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Published by Jon Land for 24dash.com in Housing

Wandle backs down over 100,000 price hike on shared ownership properties Wandle backs down over 100,000 price hike on shared ownership properties

A London housing association which told buyers it was increasing the prices of a shared ownership development by more than £100,000 has backed down after a public outcry.

Wandle originally accepted offers on its Streatham Hub Development five months ago but last week emailed buyers telling them it was increasing costs - in some cases by more than £100,000.

One potential buyer, Guy Morris, saw his flat go from a full market value of £260,000 to £383,000 overnight.

But, after extensive media coverage, the housing association has now relented and agreed to sell at the original prices.

"Wandle would once again like to apologise to its prospective purchasers for the anxiety caused by the recent communication in relation to the shared ownership properties at Derry Court, Streatham High Road. We are sorry that we have caused distress to the families involved," the statement said.

"During the course of this week, Wandle has been working extensively to explore all the options available to help those affected to continue with the proposed purchase of their new home.

"Following discussions with our advisers and the GLA, Wandle were made aware of an option which would allow the purchase to go through at the original reserved price despite current higher valuations. We are pleased to advise that today, we have been granted permission by the GLA to go ahead with the sale at these prices.

"Had we known this from the outset we would have approached the situation very differently. We are very sorry for the uncertainty this situation has caused to our prospective purchasers this week. We remain committed to ensuring that all of those involved will still be able to proceed with the purchase of their new homes."

Wandle said it is contacting all prospective purchasers to inform them of the decision.

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