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Posted: 09 December 2013

Shared Ownership is no longer a secret in Canary Wharf

With the average price of an apartment in Canary Wharf nearing a staggering £490,000[1], Rebecca Vargassoff (28) thought she would be renting for life. Then she found out about the re-sale shared ownership scheme with Family Mosaic.

Rebecca comments: “Just last year I was renting with a friend with no hope of moving out and here I am sitting in my own apartment in the best location. I did consider purchasing on the open market, but I would have been mortgaged up to my eyeballs! With shared ownership I can afford to live and enjoy the amazing area where I live. I just have to hop on the tube and I’m where I need to be. I really enjoy visiting the local bars and restaurants at the weekend.”

"Now I know how the scheme works, a couple of my friends are feeling quite jealous and want to know how I have done it! I’m more than happy to let them into what seems a big secret!"

You might imagine that an apartment in such a location would be near the top of the price scale, but Family Mosaic’s shared-ownership scheme means that their apartments represent unbelievable value for money. You choose an apartment at one of its developments and buy the share you can afford.

You can start by purchasing as little as 25% and increase your share at any time all the way to 100% and outright ownership. You will pay a Government subsidised rent on the remaining share of the property.

It’s a great alternative to renting as often the combined monthly mortgage payments and Government subsidised rent is lower than for private, rented accommodation.

A great example of a shared ownership property like Rebecca’s, would be New Festival Quarter, a collection of one and two bedroom apartments in Poplar.

It’s located a short walk from Langdon Park and All Saints DLR stations from where it’s just seven minutes to Canary Wharf and nine minutes to Stratford, making it an ideal commuting base. Set across four buildings, this contemporary new development offers an impressive selection of on-site amenities not usually found in affordable housing, including a 24-hour concierge, private gym and residents’ roof garden.

All of the one and two bedroom apartments feature generous external spaces in the form of terraces or balconies. The interiors are finished to a high standard, with sleek contemporary kitchens including fully integrated Zanussi appliances, stylish white bathroom suites and oak finish timber flooring.      

Homes at New Festival Quarter were priced from £84,000 for a 35% share of a one-bedroom apartment with full market value of £240,000, based on a minimum single income of £32,038.

[1]http://www.foxtons.co.uk/living-in/canary-wharf/house-prices/