14 Dec 2015
House prices in the southern boroughs of London have seen the largest annual house price increase during 2014, with prices expected to rise even further over the next five years(1). It is no wonder then that first-time buyers are finding it difficult to gain a firm foot on the property ladder in these areas.
For example, Lewisham - known to be one of the best-connected areas in South-East London - recorded the second-fastest rate of house price rises in the capital earlier this year at 16.4%(2), but thanks to award-winning affordable housing provider Affinity Sutton, buyers can purchase a home in this up and coming borough through Shared Ownership with a deposit of as little as £4,219!
Affinity Sutton has a range of Shared Ownership properties on offer in Lewisham, which enables buyers to purchase a share of a property (25 to 75 per cent) and pay a reduced rent to Affinity Sutton on the remainder. Only 5% deposit is required on the share bought and buyers can purchase more shares over time – a process known as staircasing – until they own 100% of the property.
Spectrum SE12
Spectrum, SE12, comprises nine, two-bedroom apartments, featuring quality-fitted kitchens and private patio and/or balcony to ground floor and upper level apartments, designed to suit a modern lifestyle.
The homes are ideally located, just 1.8 miles from the heart of Lewisham Town Centre, which boasts a wide range of amenities from local market stalls to well-known independent retailers and a selection of bars, restaurants along with recreational facilities.
Lee Station is located only 440 yards away from Spectrum SE12 and provides direct services into London and Kent. There is also a good bus network along Eltham Road which provides access to numerous areas across the borough.
Prices for the homes start from £84,375 for a 25% share (full purchase price £337,500). Buyers will need a five per cent deposit of just £4,219 and have a minimum salary of £47,000 if purchasing alone or £51,000 if purchasing jointly.
The Meridian, Lewisham
The Meridian comprises three, three-bedroom terraced houses featuring quality-fitted kitchens including a stainless steel oven, hob, and hood, as well as private front and rear gardens.
The Meridian is also close to Lewisham Town Centre, only 1 mile away, and only 0.6 miles from Blackheath Village, which features a number of independent shops, pubs and restaurants. The homes are also in a well-connected area with frequent bus routes to the West End, Victoria and Crystal Palace, while the Lewisham Rail/DLR is a seven-minute walk away.
Prices for the houses start from £125,000 for a 25% share (full purchase price £500,000). Buyers will need a five per cent deposit of just £6,250. They must also have a minimum salary of £68,000 if purchasing alone or £72,000 if purchasing jointly.
Coming soon
Affinity Sutton will be launching one, two and three-bedroom apartments at Tanners Hill, Lewisham in January 2016.
For more information on all current and forthcoming developments contact Pat Fuller on pat.fuller@affinitysutton.com or call 0300 100 0303.
2 https://www.gov.uk/government/statistical-data-sets/house-price-index-statistical-report