Shared ownership helps first time buyers onto ladder for less than £12,000

According to research from Nottingham Building Society, raising a deposit is still the biggest hurdle for nearly half of all first time buyers[1]. With the average deposit in London at a staggering £95,693[2], it is easy to see why. Offering a more affordable option for those struggling to save is Shared Ownership, which is available at Genesis’ Jessop at New Providence Wharf in E14. Thanks to the scheme, buyers could get on the ladder with a deposit from as little as £11,106, just 11% of the average[3].

Currently available at the Jessop building is a range of brand new two bedroom apartments. Perfect for young city professionals looking for an affordable way onto the ladder, Shared Ownership allows purchasers to buy between 25% and 75% of the property value, paying subsidised rent on the remainder. Residents can then increase their share at any time, all the way up to 100% and outright ownership.

All of the apartments at Jessop are designed with a high quality specification. A neutral, contemporary design palette and a range of appliances, such as washing machine, dishwasher and fridge/freezer, are included, potentially saving thousands in additional decorating and furnishing costs. 

The bedrooms and open plan living / kitchen / dining areas are spacious and full of natural light thanks to full height glazing. Kitchens are fully-fitted with modern granite worktops and integrated Bosch appliances. Bathrooms are tiled, and finished with crisp, white sanitary ware and chrome fixtures and fittings. 

Jessops at new Providence Wharf Genesis

Commuters can find a quick and easy journey to work by way of East India and Blackwall DLR stations, just a few stops from Bank and Canning Town, with connections with the underground services for travel across London. Closer to home, Canary Wharf will soon benefit from Crossrail services across London. 

Knowing that time spent outside of the office is just as well spent as in it, the homes at Jessop are ideally located to enjoy the best of this thriving part of East London. New Providence Wharf is a hub of activity thanks to a bustling array of eateries, bars and a hotel. Canary Wharf’s three shopping centres are home to high end and high street brands and a range of bars and restaurants, all within walking distance from home. Westfield Stratford City, Europe’s largest urban shopping mall, offers over 300 retailers, a casino, cinema and a plethora of places to wine and dine. 

Across the river is the O2 Arena, one of the UK’s largest live venues, and home to various sports and entertainment shows, as well as a choice of bars and restaurants, cinema and the famous Indigo2 nightclub. 

Prices at Jessop start from £111,063 based on a 25% share of the full market value of £444,250. To register your interest and for more information visit www.genesishahomes.org.uk or call 0203 773 1509.

[1] http://www.christophernevill.co.uk/news/raising-a-deposit-remains-the-biggest-hurdle-for-first-time-buyers.html

[2] https://static.halifax.co.uk/assets/pdf/mortgages/pdf/20160723-Halifax-FTB-H1-FINAL.pdf

[3] Based on 10% of £113,500, a 25% share of the full market value of £454,000

January 9, 2017

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