Shared Ownership in Tower Hamlets
This eclectic neighbourhood is a colourful and dynamic place to call home. From the dramatic and vivid kaleidoscope of the flower markets to the sleek, booming business hub of Canary Wharf, Tower Hamlets is a London borough that is brimming with cultural diversity, historical richness and opportunities, and it isn't short of local amenities either.
It isn't always easy to get on the property market in this area, as demand is high and this is reflected in the property prices. Shared ownership in Tower Hamlets is an affordable way to get your foot on the housing ladder, which is ideal if you can't afford to buy outright.
London Living With All The Trimmings
If you’re looking to live in East London and truly embrace life in the capital, then Tower Hamlets is where you want to be. Home to the unmistakable Tower of London and the iconic Victorian Tower Bridge, this borough is a melting pot of history. With London Docklands creating a balance between contemporary design and sleek modern living against the backdrop of the classic London skyline, there is nowhere more diversely unique than Tower Hamlets.
Wander through the Truman Brewery Markets on Brick Lane and get swept off your feet by the rich aromas and sweet combinations of flavours rising from the multi-cultural cooking that this diverse community offers. Or take a trip through Columbia Street’s vivid flower markets and be dazzled by the festival of colour that embodies this exciting London district.
There really is something for everyone in Tower Hamlets and shared ownership is one of the most popular ways to get on the property ladder in this borough, as it offers an excellent opportunity to Londoners who may not be able to afford a property outright.
A Booming Business District
While being known for its Tudor architecture and its gruesome historical tales, Tower Hamlets is also a spectacle for its glossy reflections of the business district and commerce of Canary Wharf. As the biggest financial centres of the UK and home to some of the tallest buildings this impressive display of prestigious living and sleek modernity is London’s best dressed corner - teeming with swanky spaces to chill out and lose yourself in.
From brasseries and restaurants with views that stretch far out over London’s glinting waterways to the rooftop cocktail bars dripping in black dresses and champagne pops, there is something quite electric about this commercial edge of Tower Hamlets. And, If you aren’t seduced by the business metropolis on the water then you’re sure to be charmed by the community markets that will have your senses singing - when settling into a new home in Tower Hamlets, you’ll be spoilt for choice for downtime activities.
Regeneration In Bow
The contrasting pockets of colour from the street eateries to the clean lines of Canary Wharf compliment the growing areas of regeneration on the water - bringing to this Thames-side location a vibrant community of young professionals, families and first time buyers.
With endless opportunities bubbling over from the business district and the seamless connectivity of the Underground, this area is inviting in new faces looking to embrace London living and all the benefits that come with it. Southern is pleased to showcase a range of upcoming shared ownership homes available in Tower Hamlets.
Upcoming developments include Vodion and Scott Street launching early 2021 and Corner Place and Bow River Village launching in the future in this increasingly vibrant location. The stunning collection of shared ownership homes in Bow River Village phase 3 are perfectly placed on the banks of the River Lea - an area boasting a contemporary community bubble of residents embracing London living.
The Bow neighbourhood features an abundance of creative industries, a unique history and a strong sense of community. Plus, there’s an endless supply of local sights and attractions to help fill your evenings and weekends, such as riverside walks, the Queen Elizabeth II Olympic Park, Westfield Stratford and the micro-breweries of nearby Hackney Wick.
How Does Shared Ownership Work?
Shared ownership is a type of affordable home ownership when you buy a share of a property from a housing association and pay monthly rent on the remaining share. The minimum share you can purchase is usually 25% but this depends on the development. You can then choose to buy additional shares in your home as and when you can afford to, until you own the property outright.
Is Shared Ownership Better Than Renting?
Shared ownership offers an opportunity to get on the property ladder in an area that you may not be able to afford outright, so in this sense, it can be seen as better than renting. You will also have the security of a long-term tenancy agreement and will be able to make your home your own by carrying out modifications with permission from the housing association.
What Are The Disadvantages of Shared Ownership?
The main disadvantage of shared ownership is that you will still have to pay rent on the remaining share of the property that you do not own. You will also need to be approved for a mortgage by a lender in order to buy a share of the property and this can be difficult to obtain if you have a low income.
However, many people find that the benefits of shared ownership far outweigh the disadvantages. So, whilst it isn't the right step for everyone, it could be the perfect solution for you if you are struggling to get on the property ladder.
Who Is Shared Ownership For?
Shared ownership is designed for first-time buyers and existing home owners who cannot afford to purchase a property outright on the open market. Whether you'll be eligible for shared ownership will depend on your personal circumstances. If you'd like to find out whether you could be eligible for the shared ownership scheme, get in touch today.
How Much Would My Mortgage Repayments Be?
Your mortgage repayments will be based on the share value of the property that you purchase, rather than the full market value. For example, if you purchase a 50% share in a property with a market value of £400,000, your mortgage would be based on £200,000.
What Are The Service Charges?
The service charges are additional fees that go towards the upkeep of the property and communal areas. Service charges are usually paid monthly along with your rent and mortgage repayments.
Can I Purchase A Larger Share In My Property In The Future?
Yes, you can purchase additional shares in your property as and when you can afford to, until you own the property outright. This process is known as 'staircasing'.
Do I Need A Deposit?
Yes, you will need a deposit to purchase a property through the shared ownership scheme. The minimum deposit required will depend on the share value of the property that you're interested in.
What Are The Monthly Costs Of Shared Ownership?
The monthly costs of shared ownership will include your mortgage repayments, service charges and rent. The total amount you pay each month will depend on the share value of the property that you purchase and the interest rate of your mortgage.
The best way to find out the monthly cost of shared ownership is to contact our team. We can talk you through the costs, as well as putting you in touch with a mortgage broker.
Take Your First Step Towards Home Ownership In Tower Hamlets
If you're looking to get on the property ladder in Tower Hamlets, shared ownership could be the perfect solution. With a range of upcoming developments launching soon, now is the perfect time to find your ideal shared ownership home at an affordable price.
Get in touch with our team today to find out more about our upcoming developments and to register your interest in the shared ownership scheme. We'll talk you through the buying process and help you to find your dream home.Search Towner Hamlets