Affordable Shared Ownership properties in Hackney
Where in London can you purchase a luxury riverside apartment on a minimum salary of £17,000? With the average household income in London of £26,156, securing an apartment on the river was proving increasingly difficult for first time buyers in N16. Rental prices in the area for a one bedroom property averaged at £820 a month as of December 2009 which would even leave those earning a salary of £25,000 a year with just a few hundred pounds for bills.
At Oak Wharf situated along the banks of the River Lea, Family Mosaic launched a development of 27 modern one, two and three bedroom apartments off plan in May 2009 with the show home opening in August 2009. For single purchasers on a minimum salary of £17,000 riverside living finally became affordable with an approximate monthly cost of £660.00 a month, saving £160 on average rental prices in the area.
Available through Shared Ownership, apartments at Oak Wharf started from just £43,125 for a 25% share of a one bedroom apartment based on a full market value of £172,500.
The most expensive property available at the development was the three bedroom penthouse which was £68,750 for a 25% share of the full market value of £275,000. This property was purchased by a couple working in east London with a joint monthly income of around £45,000. Their monthly cost would be approximately £994.79 including mortgage, rental and service charge. The average rental price for a three bedroom property in the same area was around £1,322 at the beginning of 2010, providing them a saving of around £327.21.*
Alia Sulaiman purchased an apartment to live in with her son at Oak Wharf. Alia comments: “I chose to live at Oak Wharf as it has much more to offer than other new builds in the area in terms of design, specification and location. I was really surprised by the high level of specification, particularly for a shared ownership apartment.”
“I love living by the river! The tranquil surroundings make it a pleasure to come home to. It is a great location for work too. I work in Tower Hamlets which is just a bus ride away but hope to cycle to work when it gets a little warmer. Its proximity to the shops is excellent, plus if I want to go into central London, I can be there within minutes! I could not have chosen a better place to live at such an affordable price.”
Oak Wharf is ideally located within walking distance of three stations – Seven Sisters is on the London Underground Victoria line, offering fast and convenient connections – 10 minutes* to King’s Cross and St. Pancras International (Eurostar terminus), and 15 minutes* to Oxford Circus. South Tottenham serves the Gospel Oak to Barking line, which is a convenient connection between North and East London. Nearby Stamford Hill Railway Station runs a regular train service into Liverpool Street. There is also a good choice of bus routes in the local area, which run regular services into Central London, with destinations including London Bridge, Waterloo, Euston, King’s Cross and Oxford Circus.